EU paid €130.7 million to support more than 67,000 SMEs in EaP last year

The European Union last year disbursed €130.7 million to support more than 67,000 small and medium-sized enterprises (SMEs) in Armenia, Azerbaijan, Georgia, Moldova, and Ukraine – 42.5% of which are owned by women. As a result, EU-supported SMEs in the region created nearly 80,000 new jobs and generated €1 billion in export value, according to the annual EU4Business report on SME support in the Eastern Partnership, published on 29 July.

The report offers in-depth information on EU support to small businesses in 2023 across three main areas: access to finance, business development services, and the business enabling environment.

Access to Finance

Approximately 32,000 SMEs obtained financial support last year through loans totaling over €1.4 billion, with an average loan size of around €40,000.

Business Development Services

In 2023, €31.4 million was allocated to enhance the professional skills of SMEs in the region, 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 supported.

Business Enabling Environment

The EU supported a 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.

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.

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Press release