SME Instrument, the European Union’s main funding scheme for innovative small and medium sized companies has received the European Court of Auditors’ stamp of approval ahead its morphing into the European Innovation Council under Horizon Europe.

A report by the EU auditor published today says the instrument “provides effective support in developing innovation projects.”

When it designed the SME Instrument, the commission wanted to also help funded SMEs to find additional loan funding from other EU-backed financial instruments.

But SMEs are still largely unaware of these instruments and, according to the audit report, “the commission has taken little action to create such links and has only limited insight into the actual financial needs of SMEs.”

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