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Acces To Finance For Sme's
Acces To Finance For Sme's
AdequatefinancialresourcesforSM Esarecrucialfort
heirdevel
opmentandt
hei
ncreaseoftheir
competit
iveness.
Thecreat
ionofafavourableenvironmentfort
heinvestmentsfinancingrepresent
sast
epforward,
comparedtotheapproachesmainlybasedondirectinvestmentsupport.
Theaccesst ocreditisgenerallydifficul
tforSM Es,creditgrantingcondi ti
onsimposedbybanks
arehardlyaccessibletothem duetothei rundercapitalization andtotheabsenceoftherequired
collaterals.Smallbusinessesfacemaj orobstaclesinthei ncreaseanddevel opmentduet othelack
oftangibleassetsthatcanbeusedascollateralandt otheconsi derableri
sksborne,whi chprevent
them from obt aining atypicalbank l oan orescalatethecostofsuch al oan.Therei saneed t o
overcometheseobstaclessincei nnovativeideas,productsandservices,businessmodelsareoften
generatedbystart-upsandnew companies.Att hesametime,astrongerinvol vementoffinancial
institut
ionsinrisk financingisneeded.Infact,t hefinancingofenterprises!project sbyfinancial
institut
ionsensuresqualifiedexpertiseandcompetenceintheselecti onandvalidationprocessof
compet it
ivebusinessmodels.
Although providing innovativefinancialinstrumentsiscrucialto exploitthegrowth potentialof
SM Es,theprogramming and implementati on oftheseinstrumentsrequestspecificknow-how in
theevaluation ofmarketfailuresand good financialmanagement.Therefore,Romaniahasbeen
working closely wit
ht heEuropean Invest mentFund in orderto i dentify marketfailuresin t
he
SM Esinnovativefinancesector.
The need i sto create a range offunding sources including micro loans t
o meetthe vari
ous
demandsfrom SM Es.Thenati onalandlocaladmi nist
rationhast ocreatetheenvironmentwhere
themarketcan fl ourish and t
hedesireisto att
ractthepri vatesect
orto supportt
heseactionsand
benefitfrom thesuccessandsharetherisksinvolved.Supportisenvisagedforanappropriatemix
ofinstrumentsasi dentifiedinthegapassessmentreport.
The Romanian Governmenthas decided to conferthe role ofJEREM IE hol ding fund to t
he
European InvestmentFund by t he award ofa granti n accordance wit
h art.44(b)ofCouncil
Regulat i
on 1083/ 2006 and subject t o specifi
c condit i
ons l ai
d down i n art. 43 and 44 of
Commissi onRegulationNo1828/2006.Tot hisend,t heM anagingauthorityintendstocontribute
with an indicative sum of100 million euro to t he holding fund.A funding agreementwillbe
concludedbetweent heM anagingAuthorit yandt hehol di
ngfundandwil lmakeprovi sionforthe
compet itive-basedappraisal,selecti
onandaccreditationoffinancialintermediaries.
30
Excludingconsultancyservi
cesforcertificati
onsandexportpromotionandint
ernat
ionalizat
ion,coveredbythe
firstkeyareaofinterventionunderthisPriorityAxis
Objective
x Increase of R&D capacity,st imul ation of cooperat
ion bet
ween RDI i
nst
itut
ions and
enterprises,andincreaseofenterprises!accesstoRDI.
Rational
e
Thelow leveloffunding(bothpubl ic,andprivate)forresearch,technologi
caldevel
opment,and
innovation(RDI)hadasdirectresultstheobsolet
eRDIi nfrastruct
ure,t
hedecreasi
ngnumberand
increasi
ngaverageageofresearchers,andthelow performanceofRDIactivities.
Thel
ackoffundi
ngalsohi
nderedent
erprises!accesst
oRDIact
ivit
iesandt
echnol
ogyt
ransfer.
Thecont ributi
onoftheR&D dedicatedaxiswithinSOP IEC tothei ncreaseofBERD,i norderto
reach t
henati onal2010 targetof1% ofGDP,isdoneby stimulating demand and wellt
argeting
theprivatesector,asfoll
ows:
x byprovidi ngadirectfi nancingofi nnovativeprivatecompanies
x by supporting part nerships triggered by demand and not by suppl y, as the direct
applicationofresearchresultintheproductivesectorisakeyselectioncrit eria
x by bridging a marketgap in terms of research infrastructure,in order t o all
ow the
development of cl usters and poles of excel lence, and the specialization of young
researchersand techni ci
anst hatwil llat eron migrate t o the busi
nesssect or.The 2006
Innobarometer on clusters rolein facilitatinginnovation in Europeshowsclearlythatt he
presenceofpublicresearchlabsisoneofthei ngredientsofclusterbasedresearch.