Special Report No 02/2012: Financial instruments for SMEs co-financed by the European Regional Development Fund

Abstract:

Small and medium-sized enterprises are the backbone of the EU’s economy, generating employment, innovation and wealth. The European Court of Auditors audited the performance of the Cohesion policy’s financial instruments facilitating their access to finance.

The Court found that the effectiveness and efficiency of these instruments were hampered by important shortcomings, mainly due to the inappropriateness of the current Structural Funds Regulations, insufficient quality of needs assessments and widespread delays in their implementation. Finally, the ability to leverage in private investments was poor as compared with other EU programmes for SMEs

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