This is the European program for small and medium-sized enterprises. SMEs contribute 85% of the total of all jobs in the European Union. For this reason, the Commission seeks through this program to promote entrepreneurship and improve the business environment so that these organizations can develop their full potential.
This program has a total budget of € 2.3 billion (2014-2020) that the Commission invests in the following priorities:
COSME facilitates access to financing in the different phases of its life cycle: creation, expansion or transfer of companies. To achieve this, the EU enables loans and capital investments for SMEs through two mechanisms: The Loan Guarantee Mechanism and the Capital Growth Mechanism.
The COSME program supports European companies so that they can take advantage of the European Union’s single market and take advantage of the possibilities offered by external markets. The program finances the Enterprise Europe Network and supports web tools designed for the development of companies such as the Tu Europa portal or the portal for the internationalization of SMEs. It also finances help windows for SMEs in the field of intellectual property rights (IPR).
The program supports measures to improve the framework conditions in which companies operate by reducing administrative burdens and unnecessary regulations. It also supports the emergence of competitive industries with market potential and promotes the development of world-class groupings in the EU to promote internationalization and excellence with special attention to intersectoral cooperation.
The application of the 2020 Entrepreneurship Action Plan is supported through activities such as mobility exchanges, research, the dissemination of good practices and pilot projects in areas such as entrepreneurship education, mentoring or advisory services and support to new and potential entrepreneurs, particularly young people, women and older people. A clear example of this is the Erasmus program for young entrepreneurs (EYE). In recent years, this program has focused on digital entrepreneurship, encouraging European companies to definitively promote their digital transformation.
If you are interested in this program and want more information, you can contact the team.