Brussels, 29 July 2024 – The European Commission published its annual report on the support of micro-, small and medium businesses (MSMEs) in the five Eastern Partnership (EaP) countries, under the EU4Business Initiative.
This edition offers in-depth information on EU support to MSMEs in 2023 in three main areas: access to finance, business development services, and the business enabling environment.
In 2023, the EU disbursed €130.7 million to support more than67,000 SMEs – 42.5% of which are owned by women. As a result, EU-supported SMEs in Armenia, Azerbaijan, Georgia, Moldova, and Ukraine created nearly 80,000 new jobs and generated €1 billion in exports value.
Access to Finance
Approximately 32,000 SMEs obtained financial support through loans totaling over €1.4 billion, with an average loan size of around €40,000. The EU4Business website provides details on specific outcomes in the access to the finance area and highlights personal stories of entrepreneurs who have benefited from loans or grants, such as a Ukrainian business that has brought Ukrainian honey to the EU market, and a young Moldovan entrepreneur who introduced digital innovation to rural tourism.
Business Development Services
In 2023, €31.4 million was allocated to enhance the professional skills of SMEs in the EaP, representing more than 24% of the total funds distributed. More than 34,000 SMEs were supported by consultancy services, incubators, clusters, and B2B activities, and 1,033 BSOs were capacitated. Behind these numbers are stories about inspiring entrepreneurs, such as a wine enthusiast from Georgia who is crafting distinctive wine-stone jewelry and an Azerbaijani teacher working to develop education in rural areas.
Business Enabling Environment
The EU supported business enabling environment with a budget of €28.3 million. This funding helped up to 6,000 government institutions– encompassing policymakers, regulators, and enforcement agencies – boost their capabilities and led to the reform of more than 745 laws, regulations, and procedures. The business-enabling environment component covers a range of stories, including about a Ukrainian town that has “risen from ashes” amid the war with EU support.
About EU4Business
EU4Business is an umbrella initiative, encompassing all EU support to small and medium-sized businesses (SMEs) in the Eastern Partnership countries – Armenia, Azerbaijan, Georgia, Moldova and Ukraine. EU supports SME growth by improving access to finance and business development services, and by promoting better business regulation.
Read more: https://eu4business.eu/
Full PDF version of EU4Business Annual Report 2024
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