council decis decemb multiannu programm enterpris entrepreneurship small medium size enterpris sme ec council european union regard treati establish european commun articl thereof regard propos commiss regard opinion european parliament regard opinion econom social committe regard opinion committe region import enterpris entrepreneurship achiev commun object difficulti face enterpris entrepreneur subject number commun decis report recent commiss commun april quot enterpris polici knowledg driven economi quot identifi major area action commun level small medium size enterpris sme make signific contribut term competit research innov skill employ face problem action requir overcom difficulti seri programm multiannu programm small medium size enterpris sme european union adopt council decis ec expir decemb provid framework action june commiss report commun european parliament council econom social committe committe region extern evalu programm adopt programm period begin januari ensur enterpris polici endow suffici resourc attain object novemb council approv report integr sustain develop enterpris polici european union account sustain develop defin implement measur adopt programm june santa maria da feira european council approv european charter small enterpris request full implement part propos multiannu programm enterpris entrepreneurship measur union promot sme account object set charter similar action launch framework oecd charter polici sme adopt oecd minist industri bologna june novemb council emphasis improv significantli financ innov compani redirect financi instrument support busi start up high tech firm micro enterpris measur implement decis adopt accord council decis ec june lai procedur exercis implement power confer commiss decis constitut legal basi specif complementari measur part commun polici carri member state level agreement european econom area eea conclud efta eea countri addit protocol associ agreement conclud countri central eastern europ provid particip countri commun programm provis made particip cypru malta turkei framework associ agreement conclud countri particip countri consid agreement procedur financi refer mean point interinstitut agreement european parliament council commiss budgetari disciplin improv budgetari procedur includ decis durat programm affect power budget author defin treati adopt decis articl programm commun polici enterpris entrepreneurship small medium size enterpris sme hereinaft refer quot programm quot adopt period year januari articl programm object enhanc growth competit busi knowledg base internationalis economi promot entrepreneurship simplifi improv administr regulatori framework busi research innov busi creation flourish improv financi environ busi sme give busi easier access commun support servic programm network improv coordin facil object implement area action annex natur programm mean progress object set european charter small enterpris articl commiss assist enterpris programm manag committe hereinaft refer quot committe quot refer made paragraph articl decis ec appli period laid articl decis ec set month committe adopt rule procedur articl measur action implement programm relat matter refer adopt accord manag procedur refer articl annual work programm budget alloc criteria content invit tender exceed eur perform indic evalu action need achiev object set articl committe regularli inform question programm annual implement report evalu report mention articl articl commiss evalu implement programm submit european parliament council econom social committe committe region year evalu report progress made take account coordin manner enterpris polici commun polici programm implement european charter small enterpris extern evalu report end decemb report examin object programm achiev undertak cost benefit analysi measur action implement basi perform indic refer indent articl articl programm open particip efta eea countri accord condit establish eea agreement central eastern european countri ceec accord condit establish europ agreement addit protocol thereto decis respect associ council cypru fund addit appropri accord procedur agre countri malta turkei fund addit appropri accord provis treati countri agreement procedur articl financi refer amount implement programm eur million annual appropri authoris budgetari author limit financi perspect articl decis effect januari cover period decemb articl decis address member state brussel decemb council presid gayssot oj opinion deliv octob publish offici journal opinion deliv novemb publish offici journal opinion deliv septemb publish offici journal oj oj oj annex descript area action area action princip base identifi exchang practic accord procedur commiss commun april take account sme aim enhanc growth competit busi knowledg base internationalis economi programm foster measur enhanc competit innov assist free movement good market access prepar enterpris face globalis promot particip sme process standardis implement provid adequ rang skill gear small busi develop inform commun technolog encourag innov practic foster integr sustain develop promot entrepreneurship programm aim assist creation transfer busi develop train entrepreneurship foster enterpris cultur societi identifi promot specif polici favour sme simplifi improv administr regulatori environ busi promot research innov busi creation sought develop busi impact assess system propos commun legisl regul simpler administr environ gener improv financi environ busi sme respons conclus lisbon european council march programm foster measur improv financi environ busi sme measur arrang oper set indic basi annex ii start scheme european technolog facil etf oper european invest fund eif etf start scheme support establish financ sme start phase invest relev specialis ventur capit fund seed fund smaller fund fund oper region fund focus specif sector technolog ventur capit fund financ exploit amp result fund link research centr scienc park turn provid risk capit sme scheme reinforc upstream etf establish european invest bank eib cooper eif adopt invest polici involv higher risk profil intermediari fund invest polici eif select make manag invest ventur capit fund work nation scheme detail term condit implement etf start facil includ monitor control laid cooper agreement commiss eif take account indic outlin annex ii support establish develop busi incub follow programm quot mentor scheme quot ii sme guarante facil oper eif sme guarante facil provid cross guarante guarante guarante scheme oper member state direct guarante case eib financi intermediari loss relev guarante cover gener budget european union enabl market failur remedi area loan sme growth potenti order reduc difficulti face high risk repres small newli establish compani microcredit order encourag financi institut plai greater part area offer loan smaller amount involv proportion higher unit handl cost borrow insuffici guarante fund invest sme growth potenti includ invest local region fund provid seed capit capit start phase order reduc difficulti sme face weak financi structur exploit small undertak possibl present internet commerc guarante loan cover equip softwar train order undertak modernis area make competit guarante cross guarante addit aid financi intermediari envisag regard microcredit aid intend partial offset high administr cost inher activ budgetari alloc cover full cost facil includ eif guarante loss elig cost expens facil cost facil gener budget european union cap circumst exce budgetari alloc made eif facil conting liabil budget detail term condit implement sme guarante facil includ monitor control laid cooper agreement commiss eif take account indic outlin annex ii iii seed capit action oper eif seed capit action aim stimul suppli capit creation innov busi growth job creation potenti includ tradit economi support seed fund incub similar organis eif particip resourc mandat earli year onward iv joint european ventur programm aim commit effect decemb benefit undertak plan enter transnat partnership maximum contribut project eur financi measur adapt light futur council decis financ facil implement close collabor member state euro busi measur encourag proxim financ develop network busi angel promot commun wide network seed capit fund manag stimul exchang practic train organis round tabl banker sme give busi easier access commun support servic programm network improv coordin facil programm develop action foster access enterpris commun programm ensur coordin framework programm research technolog develop demonstr activ fprd improv oper cooper coordin commun network euro info centr euro info correspond centr carri activ commiss recours technic assist organis expert financ provid financi framework programm promot organis europartnership busi cooper event make report entitl quot european observatori sme quot annex ii commun financi instrument indic outlin implement etf start scheme introduct etf start oper eif trust basi intermediari regard ventur capit activ intermediari select conform busi market practic fair transpar manner order avoid distort competit regard aim work wide rang specialis fund regard implement addit action promot busi incub eif reli experi acquir member state area maximum invest maximum aggreg invest intermediari ventur capit fund total equiti capit held relev fund except case fund strong catalyt role develop ventur capit market specif technolog specif region commit singl ventur capit fund exce eur million except duli substanti case commit case exce eur million intermediari ventur capit fund compli establish market practic regard portfolio diversif invest pari passu invest made etf start intermediari fund rank pari passu equiti investor except rule subject opinion committe refer articl life facil etf start scheme establish long term facil year posit ventur capit fund case invest exce year time signatur cooper agreement commiss eif refer annex realis invest invest made etf start scheme unquot illiquid entiti realis invest base distribut proce receiv intermediari fund sale invest sme reinvest proce realis invest proce reimburs effect eif fund reinvest year decemb period extend year subject satisfactori evalu facil made month decemb trust account separ trust account set eif hold budgetari fund underpin scheme account interest bear interest earn ad resourc facil invest made eif etf start scheme eif manag fee elig expens debit proce realis invest credit trust account end fourth year decemb provid reinvest period scheme extend end extend reinvest period balanc trust account fund commit drawn invest fund requir cover elig cost expens eif manag fee return gener budget european union court auditor arrang made court auditor exercis mission verifi regular fund ii indic outlin implement sme guarante facil introduct sme guarante facil oper eif trust basi intermediari intermediari chosen guarante scheme oper member state public privat sector includ mutual guarante scheme eib financi institut intermediari select conform busi market practic fair transpar manner regard effect volum financ loan invest made sme effect access financ sme effect risk take sme financ intermediari concern elig sme lend financi criteria govern elig sme financ guarante sme guarante facil determin individu intermediari basi activ aim reach sme rule reflect market condit practic relev territori guarante cross guarante cover financ sme employe prioriti sme employe respect specif activ promot internet commerc small undertak attent financ acquisit intang asset eif guarante guarante eif relat individu financ specif portfolio transact guarante issu eif cover part risk financi intermediari underli financ portfolio eif cap maximum cumul loss eif oblig pai share financ loss intermediari continu cumul amount payment made cover loss specif financ portfolio reduc cumul amount loss recoveri revenu reach pre agre amount eif guarante automat cancel eif pari passu intermediari guarante eif rank pari passu guarante financ intermediari trust account trust account set eif hold budgetari fund underpin scheme account interest bear interest earn ad resourc facil eif withdraw fund trust account eif debit trust account payment meet oblig maximum cumul loss guarante facil subject agreement commiss elig cost manag fee elig legal fee promot expens scheme loss recoveri revenu payabl trust account monei recov loan loss payment made guarante call revenu credit trust account durat scheme envisag individu sme guarante matur year amount outstand trust account time expiri outstand guarante repaid gener budget european union court auditor arrang made court auditor exercis mission verifi regular fund iii indic outlin implement seed capit action introduct seed capit action oper eif court auditor arrang made court auditor exercis mission verifi regular fund iv joint european ventur experi shown scheme simplifi order enabl sme request financi contribut dealt quickli financi intermediari commiss depart ensur commun resourc correctli commiss examin possibl adapt elig criteria order respond effect sme regard cross border invest includ applic state