Where the EIB provides funding to the EIF in order to conduct EIB financing and investment operations, the EU guarantee shall provide for a full guarantee on funding by the EIB provided that an equal amount of funding is provided by the EIB without EU guarantee.

23. Deplores, in this context, that the review of the Athena mechanism, which was due to be carried out by the end of 2014, has produced only very limited results, such as the organisation of a form of pre-financing of certain costs to speed up deployment; regrets that the Council did not reach an agreement on the inclusion of funding for the cost of the strategic deployment of EU battlegroups in the list of common costs systematically borne by Athena, only adopting instead a renewable decision for a two-year period; calls on the next European Council on Defence to consider a further expansion of the common costs eligible under Athena, ...[+++] such as the automatic financing of expenditure on CSDP operational and mission deployment (infrastructure for the accommodation of forces, expenses relating to the establishment of points of entry for troops into theatres of operations and security stocks of food and fuel where necessary);

9. Points out that in the current circumstances where insufficient access to appropriate sources of risk capital, particularly in the early stages, continues to be one of the most significant constraints on the creation and development of growth-oriented firms, the Commission’s Action Plan on improving access to finance for SMEs places a lot of emphasis on venture capital as a possible mode of growth finance; underlines, nonetheless, that this kind of funding is adequate only for a small number of SMEs and that bank loans still constitute an important source of funding, and that alternatives should be developed by the private sector; n ...[+++]otes in this context the importance of promoting alternative forms of lending to SMEs, such as credit unions; points out the potential financing opportunities that should be explored through the European Fund for Strategic Investments;

23. Stresses that access to finance, particularly for SMEs, is one of the biggest obstacles to growth in the EU; believes that more alternatives to bank financing are needed by improving the efficient allocation of capital through capital markets, stimulating long-term investment and making full use of the EU’s new innovative financial instruments designed to support access to capital markets for SMEs; believes that the completion of the Banking Union should enhance access to finance and create a level playing field for SMEs to gain access to finance; underlines the need to further limit the a ...[+++]dministrative burden for SMEs and to continuously take account of the principle of proportionality in the development of regulatory regimes; believes that the European Investment Bank (EIB) can play an even more active role in providing access to finance for the real economy; considers that the proposals on EIB financing made at the most recent Councils, in particular those relating to financing for SMEs, can and should be more ambitious;

31. Welcomes the Commission’s new funding programmes, which take account of the specific characteristics of SMEs; calls on the Commission to develop further EU funding tailor-made for SMEs; underlines the fact that fragmentation of funding should be avoided and that funding can be effective only when it is able to cover a substantial part of what is needed by the SMEs in question;

33. Points out that difficulties in accessing finance remain one of the top concerns for SMEs; is particularly worried about the fact that healthy companies cannot acquire the funding they plan for; calls on the Commission and the Member States swiftly to implement actions and regulatory measures to facilitate funding for SMEs, as proposed in the EU Action Plan to improve access to finance for SMEs; stresses that growth at local levels is often sustained by SMEs and social enterprises and cohesion policy funding delivered through a ...[+++] strong multi-level governance approach can ensure that SMEs and social enterprises fulfil their potential and continue to make a valuable contribution to EU competitiveness;