European Union (EU) is ready to assume some of the risks associated with loans granted to small enterprises, in exchange for commitments from banks to increase lending to such small and medium enterprises (SMEs). In order to take over some of the risk associated with crediting SMEs, the EU has in the past decade, through the "Guarantee Fund for SMEs", provided guarantees worth 440 million euros, which covered a loan portfolio reaching 28 billion euros. Over 370,000 small businesses have benefited of this support, according to organisers of the conference on access to finance of SMEs, staged in Bucharest by the European Commission (EC), on the EU Finance Day for SMEs. Via the "SMEs Rapid Development and Innovation Fund," the EU continues to invest in venture capital funds for innovative SMEs and high growth rate. Shares held by the European Investment Fund (EIF) in such funds allows the supporting of SMEs that have recently entered the market (start-ups) by attracting new investors. Economic growth and creating jobs are the basic objectives of the EU, according to the Strategy of Lisbon. Through the Framework Programme for Competitiveness and Innovation, EU holds financing instruments for SMEs in total value of 1.1 billion euros, until 2013. Other European programs devoted to SMEs are The Seventh Framework Programme for Research and Technological Development (FP7) and the support service program for SMEs, Enterprise Network. European Commission organises various events in all European capitals on the occasion of the "Finance Day for SMEs".

Source: Agerpres.