FIN-URB-ACT: urban economy

The main objective of FIN-URB-ACT was to strengthen the performance of the urban economy and to foster employment by providing adequate support structures for innovative, competitive and qualified entrepreneurship. One important aspect was to improve SMEs’ and innovative economy’s access to finance to start up and prosper. Thus, sustainable growth and the creation of jobs are eased and at the same time an attractive urban development is promoted.Furthermore, based on an integrated local action plan developed by the local partnership, FIN-URB-ACT had a strong focus on developing and implementing tailormade financial and non-financial support products like micro-credit and other funding schemes, incubators, business networks etc.The rationale is that such structures on local level – where financial instruments meet nonfinancial assistance – are basic prerequisites for fostering start-ups and business growth.The main issue of the project was to create and further develop effective local support structures by strong local business promotion partnerships between all relevant public and private actors. The support structures  contain attractive financial and innovative non-financial instruments – both on local and regional/national level which are combined in a coherent and comprehensive support package. The overall conviction of FIN-URB-ACT is that it is not enough to create individual support tools. There is a strong need to combine offers and to orchestrate the single actors in a way that synergy effects can be used and tasks can be streamlined and at the same time various groups of entrepreneurs with different needs and expectations can be reached. Due to the importance of financial support (e.g. by specific micro credit offers or risk capital) the involvement of local financial institutions will be crucial as well as the access to SME support schemes on regional/national level. This vertically and horizontally linked, overall support structure will form a fundamental basis for promoting local entrepreneurship.

More info on the project HERE

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