Financial instruments for enterprise support : final report : work package 3

This study examines ERDF co-financed financial instruments (FIs) for enterprises in 2007-13. It is based on data analysis for 12 'stocktake' countries, a literature review, nine case study OPs and a seminar with stakeholders to refine the findings. For many Member States FI were a novel approach to delivering Cohesion policy. Their increased use in 2007-13 therefore created significant challenges, especially for MAs with limited experience in FI implementation. The regulatory framework provided the flexibility to accommodate domestic arrangements, but was also demanding in terms of the administrative capacity needed at national and regional levels. Domestic policymakers sought greater clarity and certainty in the regulatory framework, and these were met through successive changes to the Regulations and guidance. Many of these and wider lessons from 2007-13 have been consolidated into the regulatory framework for 2014-20.