EUROPEAN UNION FINANCING FOR SMES RETHOUGHT IN THE SCENARIO OF A LONG-TERM PANDEMIC

Olteţeanu Angel-Cristian ()
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Olteţeanu Angel-Cristian: Bucharest Academy of Economic Studies

Romanian Economic Business Review, 2022, vol. 17, issue 3, 7-13

Abstract: The European Union has been a vehicle for investing in business areas which are otherwise off-limits for traditional banks and investors. Indeed, the European Union, through its variety of financing programs has not only been a source of funding for otherwise risky business ventures but also for innovation, investing in ideas and business processes which are far from a state of going to market. In the context of the Covid-19 pandemic, many traditional businesses throughout the European Union, which relied on a physical operation for their profitability (such as shops, restaurants, local services), have had to close down or reduce their business. Meanwhile, businesses focusing on electronic commerce have been thriving, with rising consumer expenditure diverted to them as well as the possibility of more consumer time for prospecting. In the scenario that the business state of the pandemic lasts for another 2 to 5 years, a useful topic lies in addressing the way the European Union funds should be invested so that the European Commission can continue upholding its pledge of encouraging European businesses at local, international and global levels. Despite the fact that in the beginning of 2022, public attention has moved from the COVID-19 pandemic and towards other, more recent issues, such as the Russian-Ukrainian war, the health threat has not been completely eradicated. Since it continues in the background, worse for some countries than others, on a planning level, it is useful to consider what European Union financing can do for small and medium enterprises in such a scenario.

Keywords: European Union funding; small enterprise; medium enterprise; enterprise collaboration (search for similar items in EconPapers)
Date: 2022
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