The new Programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) will run from 2014 to 2020, with a planned budget of €2.5bn (current prices).
Objectives
- facilitating access to finance for Small and Medium-sized Enterprises (SMEs)
- creating an environment favourable to business creation and growth
- encouraging an entrepreneurial culture in Europe
- increasing the sustainable competitiveness of EU companies
- helping small businesses operate outside their home countries and improving their access to markets
COSME will:
- ensure continuity with initiatives and actions already undertaken under the Entrepreneurship and Innovation Programme (EIP), such as the Enterprise Europe Network, building on results and lessons learnt.
- continue the many successful features of the EIP, while simplifying management of the programme to make it easier for entrepreneurs and small businesses to benefit.
- support, complement and help coordinate actions by EU member countries. COSME will specifically tackle transnational issues that – thanks to economies of scale and the demonstration effect – can be more effectively addressed at European level.
Expected results
- easier access to finance for entrepreneurs and small businesses
- more prominent role for self-employment and business development as important sources of growth and job creation
- in individual EU countries: a more competitive industry, more entrepreneurs and higher employment rates.
Main beneficiaries
- Existing entrepreneurs (small businesses in particular) – easier access to funding for development, consolidation and growth of their business.
- Future entrepreneurs (including young people) – assistance in setting up their own business.
- National, regional and local authorities – tools for effectively reforming policy: reliable, EU wide data and statistics, best practice and financial support to test and scale up sustainable solutions for improving global competitiveness.
Impact on competitiveness of businesses large and small
COSME is expected to contribute to an annual increase of €1.1bn in the EU’s GDP.
The Enterprise Europe Network is expected to assist 40,000 companies with partnership agreements, resulting in:
- 1,200 new business products, services or processes annually
- €400mn annually in additional turnover for assisted companies.
Access to finance will be easier for entrepreneurs, in particular those willing to launch cross-border activities, resulting in an expected annual increase of €3.5bn in additional lending and/or investment for EU companies.
What happens now?
The Commission’s proposal will be discussed by the European Parliament and the Council, which must agree to adopt it. COSME will start on 1 January 2014.
Learn more
- Download the leaflet
[2 MB] and the factsheet [635 KB] - Read the press release (30/11/2011)
- Download the text of the Commission proposal for COSME [397 KB]
- Commission proposals for the Multiannual Financial Framework 2014-2020
