Communities and Local Government
A selection of images representing communities.
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- Cities and regions
- European
- ERDF
- 2007-2013 programmes
2007-2013 programmes
Under the 2007-2013 programming period, ERDF is allocated according to three priority objectives:
Convergence Objective
The Convergence programme aims to improve the conditions for growth and development in the least-developed regions where the economy is still lagging behind the rest of the EU. In order to qualify for Convergence funding, a region must have a Gross Domestic Product (GDP) below 75 per cent of the EU average. In England, only the Cornwall and the Isles of Scilly were awarded Convergence status.
Regional Competitiveness and Employment Objective
The Regional Competitiveness and Employment programme applies to all areas outside the Convergence objective and is aimed at strengthening a region's competitiveness and attractiveness.
European Territorial Co-operation Objective
This programme aims to strengthen economic and social cohesion by promoting balanced development across areas of the EU territory through co-operation projects between Member States.
Community Initiatives
ERDF investment is also available to support one Community Initiative known as URBACT. The URBACT programme originates from the URBAN Community Initiative Programme (2000-2006) and has been established to encourage the exchange of experience among towns and cities and those areas which are characterised by a high level of unemployment, of delinquency and poverty and by insufficient presence of public services. It has a programme value of €28 million.
Financial Engineering Instruments
The fund is also used to support a range of financial engineering instruments. This generally involves ERDF being invested as capital via projects designed to improve access to commercial finance for micro, small and medium-sized enterprises (SMEs). The financial engineering instruments which those projects can embrace are venture capital funds, loan funds (including micro loan funds) and guarantee funds - collectively known as Venture Capital Loan Funds (VCLFs).
The access to finance priorities of the 2007/2013 UK Programmes permit new VCLFs to be established either as bespoke initiatives or under the umbrella of the Joint European Resources for Micro to Medium Enterprises (JEREMIE) initiative. In addition, VCLF-type Urban Development Funds (UDFs) will be able to be capitalised either directly or under the Joint European Support for Sustainable Investment in City Areas (JESSICA) initiative.
