Updated last 18.06.2025
The predecessor to the two programs mentioned above was the EU’s COSME program for the competitiveness of enterprises and small and medium-sized enterprises (SMEs), which ran from 2014 to 2020. For the period 2021-2027, its activities have been incorporated into the broader Single Market program, while the financial instruments have been absorbed by the InvestEU program.
Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Program and amending Regulation (EU) 2015/1017 (OJ L 107, 26.3.2021, pp. 30–89).
What is the program?
InvestEU is the EU’s flagship investment program for the period 2021-2027, aimed at strengthening the sustainable growth and competitiveness of the European economy. It aims to stimulate investment in the EU by bringing together various financial instruments and guarantees that were previously scattered across different programs.
The program creates a single European Union (EU) mechanism to support investment in the Union for the period 2021-2027, bringing together the European Fund for Strategic Investments (EFSI) and 13 other centralized EU financial instruments under common operating rules. The program aims to mobilize additional investments of €372 billion for the period 2021-2027.
What is the objective of the program?
The overall objective of the InvestEU program is to support financing that contributes to:
- competitiveness, including research, innovation, digitization, and scientific and technological advancement;
- economic growth, sustainability, and employment;
- the green and digital transitions;
- social sustainability and inclusion;
- culture, education, and training;
- capital market integration and a stronger internal market;
- economic, social, and territorial cohesion;
- a sustainable and inclusive recovery of the EU economy, including capital support for small and medium-sized enterprises (SMEs), following the COVID-19 crisis;
- support for investments contributing to the objectives of the Strategic Technologies Platform for Europe (STEP), an initiative established by Regulation (EU) 2024/795, which aims to strengthen the EU’s sovereignty and security, enhance its competitiveness, and reduce its strategic dependencies (EU) 2024/795, which aims to strengthen the EU’s sovereignty and security, enhance its competitiveness, and reduce its strategic dependencies in three strategic technology areas: digital technologies and deep technological innovation, clean and resource-efficient technologies, and biotechnologies.
InvestEU covers several policy areas (through four policy areas) to address market failures or suboptimal investment situations:
- sustainable infrastructure — from transport, energy, and digital connectivity to the circular economy and innovative technologies;
- research, innovation, and digitalization, including product development and support for market enablers;
- financing for SMEs, including innovative companies and those in the cultural and creative sectors;
- social investment and skills, including microfinance, social enterprises, health, gender equality, education, training, and other social services.
How does the program provide support to SMEs?
In accordance with Regulation (EU) 2021/523, the InvestEU program creates a single mechanism to support small and medium-sized enterprises (SMEs), with the main objective of facilitating their access to finance on terms more favorable than those normally offered by the market.
Essentially, the program provides a guarantee commitment from the European Union, which reduces the financial risk for banks and investment intermediaries. Through this guarantee, the EU covers a certain percentage of potential losses resulting from the default of enterprises. This encourages financial institutions to lend and invest in SMEs, including those with a higher risk profile or limited access to capital markets.
What is the budget of the program?
InvestEU has a budget guarantee of €26.2 billion (at current prices), financed from NextGenerationEU and the multiannual financial framework (2021-2027) resources. This amount corresponds to the EU share.
What is the deadline to apply in calls for proposals under the program?
Each procedure (call for proposals) has a different application deadline. The program ends in 2027.
| For more information | |
 | More information on the application process for ‘InvestEU’ can be found here. |
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| For more information on funding opportunities during the new programming period, please follow the pages of: |
What is the program?
The Single Market Program is an integrated EU framework program for the period 2021–2027, which combines and modernizes several previous lines (including COSME activities for SMEs, consumer protection, European standardisation, food/feed safety and support for official statistics) with the aim of strengthening the governance and functioning of the Single Market.
What is the main objective of the programme?
Regulation (EU) 2021/690 defines the objectives, budget, governance, and funding rules for the first integrated Single Market Programme. It consolidates activities that were previously funded by six separate programmes and applies for the period 2021–2027.
How does the programme provide support for SMEs?
The Single Market Programme, established by Regulation (EU) 2021/690, supports small and medium-sized enterprises (SMEs) by creating a more favorable and accessible business environment across the European Union. It funds activities that facilitate SMEs’ access to the internal market, remove administrative barriers, and promote entrepreneurship and innovation.
Specific support for SMEs includes:
- Consultations, training, and access to market information through the Enterprise Europe Network;
- Promotion of international business cooperation and finding partners;
- Assistance for entering cross-border trade and participation in public procurement;
- Assistance with compliance with standards and regulations;
- Improving the business environment by reducing regulatory barriers and administrative burden.
Overall objectives of the programme:
- improving the functioning of the internal market, in particular to protect and provide opportunities for citizens, consumers, and businesses, especially SMEs, by:
- implementing EU law, facilitating market access, and creating standards;
- promoting the protection of human, animal, and plant health and humane treatment of animals;
- respecting the principles of sustainable development and ensuring a high level of consumer protection;
- strengthening cooperation between national authorities, the European Commission, and EU decentralised agencies;
- developing, producing, and disseminating high-quality, comparable, timely, and reliable European statistics that:
- form the basis for the development, monitoring, and evaluation of EU policies;
- help citizens, policymakers, authorities, businesses, the academic community, and the media to make informed decisions;
- help the above groups participate actively in the democratic process.
What is the size of the programme’s budget?
The budget is EUR 4,208,041,000 (current prices).
What is the time frame to apply to the programme’s procedures?
Each call for proposals or tenders has its own criteria, requirements, and stages. The program does not have a single deadline for submitting applications—the period runs until December 31, 2027, as specified in Articles 1 and 4 of the regulation.
| For more information | |
| Additional information regarding the Operational Programme can be found here. |