COSME
About COSME
Single Market Programme: COSME is the EU programme for the Competitiveness of Small and Medium Enterprises. OCTs are eligible to COSME and the future Single Market Programme. The programme serves as a comprehensive action that encompasses many different activities to support the Small and Medium Enterprises. The programme is centrally managed by the European Commission. Yet to improve funding the Commission works together with financial institutions. These funds are available to SMEs by stimulating the provision of loans and venture capital through financial instruments. Additionally, the Commission also helps EU Countries with sharing good policy on improving access to finance which allows them to benefit from the experience of others. For that reason, the Commission does not allocate direct funding to SMEs, they must apply at local or regional level via financial intermediaries such as banks which will provide the funding through financial instruments.
The programme’s main objectives are to:
Opportunities for Aruba
Start-up companies in Aruba, as a small island with a tourist depended economy, can find itself in a difficult position taking on business plans and establishing successful new businesses. For this purpose, a programme such as COSME can offer those SMEs experiencing difficulties the tools and guidance to, for instance, developing successful access to the market. In order to receive funding SMEs must apply at local/regional level via financial intermediaries such as banks that will provide the funding through financial instruments.
Single Market Programme: COSME is the EU programme for the Competitiveness of Small and Medium Enterprises. OCTs are eligible to COSME and the future Single Market Programme. The programme serves as a comprehensive action that encompasses many different activities to support the Small and Medium Enterprises. The programme is centrally managed by the European Commission. Yet to improve funding the Commission works together with financial institutions. These funds are available to SMEs by stimulating the provision of loans and venture capital through financial instruments. Additionally, the Commission also helps EU Countries with sharing good policy on improving access to finance which allows them to benefit from the experience of others. For that reason, the Commission does not allocate direct funding to SMEs, they must apply at local or regional level via financial intermediaries such as banks which will provide the funding through financial instruments.
The programme’s main objectives are to:
- Simplify accessing finance for small and medium- sized enterprises in all phases of their lifecycle, through EU ‘financial instruments’.
- Aid businesses to access markets in the EU and beyond by funding the Enterprise Europe Network, that helps SMEs to finding businesses and technology partners, and understand EU legislation necessary to that end.
- Support entrepreneurs by strengthening entrepreneurship education, mentoring, guidance, and other support services.
- Improve business conditions by aiming to reduce the administrative and regulatory burden on SMEs through the creation of business-friendly environments. Additionally, COSME supports businesses to be competitive by stimulating the adoption of new business models and innovative practices.
Opportunities for Aruba
Start-up companies in Aruba, as a small island with a tourist depended economy, can find itself in a difficult position taking on business plans and establishing successful new businesses. For this purpose, a programme such as COSME can offer those SMEs experiencing difficulties the tools and guidance to, for instance, developing successful access to the market. In order to receive funding SMEs must apply at local/regional level via financial intermediaries such as banks that will provide the funding through financial instruments.