SMEs play a significant role in the European Union (EU) economy. Across European Member States, SMEs report an increased need for external funds and a deterioration in the availability of finance, signalling a growing financial gap. In this context, financial instruments under Cohesion Policy serve as an important tool to mobilise investment in firms.
To address this challenge, the European Investment Bank (EIB) Financial Intermediary Advisory, on behalf of DG REGIO, commissioned a study to develop a methodological framework for evaluating the comparative impact of financial instruments and grants on SME growth and competitiveness in the EU.

The study followed a multi-stage approach. It began with a literature review of academic and institutional research, which identified relevant findings and established benchmarks for SME competitiveness and growth, guiding the methodological choices for econometric and qualitative analysis. This was followed by a mapping of financial instruments and grant programmes and the collection of beneficiary-level data on the support provided.

In its final stage, the study designed a database structure to enable future econometric analysis and identified external information sources required for broader assessment.

The study was led by EY in consortium with t33.