Brussels launches funding initiative

 Brussels launched funding initiative

SMEs provide 85% of all new jobs in the European economy but they are subject to tighter funding constraints than their US counterparts as European banks have sought to restore their balance sheets to meet tighter regulations. Now Brussels is launching the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) initiative, with a budget of over €1.3bn, in an attempt to bridge the gaps in the finance market. Part of the COSME budget will fund guarantees and counter-guarantees for financial intermediaries, such as banks and leasing companies, to help them provide more loan and lease finance to SMEs report harris & Co chartered accountants Northampton, the specialist small business accountants

Source:   The Times (15/12/2015)