German SMEs benefit from Structural Funds
The European Commission hopes to assist small and medium-sized enterprises (SMEs) and innovative activities in three German regions with Structural Funds totalling 2390 million euro. Bavaria, Hessen and Hamburg are to benefit from the funds, receiving 2,200 million euro, 184 million euro and 6 million euro respectively. Hamburg, the border region between Bavaria and the Czech Republic and areas around the Bavarian towns of Schweinfurt, Nuremberg and Fürth, as well as areas in North and Central Hessen have all been classified as objective 2 areas, meaning that they are experiencing industrial decline. The funds aim to alleviate the effects of the decline through the promotion of economic conversion and modernisation. The funds will assist business start-ups and small businesses, the development of an infrastructure relevant to local business needs, business related services and promote innovation. Referring to the funds allocated to the Bavarian regions, European Commissioner for Regional development Michel Barnier highlighted the importance of SMEs and the fundamental role of new technologies.
Countries
Germany