25 August 2021
COSME is the EU programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (SMEs) running from 2014 to 2020 with a total budget of EUR 2.3 billion. At least 60% of the programme will be devoted to ease access to finance for SMEs in Europe. The European Investment Fund (EIF) and The Danish Growth Fund (Vækstfonden) have signed the first COSME agreement in Denmark.
The COSME counter-guarantee agreement will allow The Danish Growth Fund (Vækstfonden) to support DKK 360 million (c. EUR 48 million) of loans to Small and Medium-sized Enterprises (SMEs) in Denmark over the next two years. The Danish Growth Fund invests equity and provides loans and guarantees for small as well as medium-sized enterprises in collaboration with private partners and Danish financial institutions. Thanks to this agreement, Vækstfonden will be able to support additional financing at favourable conditions to approximately 250 SMEs.
EU Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, declared that the EFSI agreement between the EIF and Vækstfonden is very good news for Danish SMEs, especially the most innovative ones, in need of risk capital to grow their businesses and increase their competitiveness.