Commission to support transnational joint ventures by SMEs
The European Commission has established the Joint European Venture (JEV) initiative with the aim of supporting SMEs setting up transnational joint ventures within the Community. The scheme is aimed at increasing the number of SMEs which invest outside their own Member State. Under the scheme joint ventures, newly created by at least two SMEs in different Member States, may apply for Community support to cover some of the additional expenses incurred. The maximum contribution per project would be ECU 100,000, covering up to 50% of the eligible expenses and up to 10% of the total investment made. Applications for funding should be sent to the Commission through a network of financial intermediaries which will comprise institutions specialized in investment financing. This network will be established following a call for expressions of interest to be published in the Official Journal shortly.