Small and medium-sized enterprises (SMEs) are the backbone of our economy and are a key source of economic growth, dynamism and flexibility.  In Malta, SMEs comprise approximately 99% of all firms out of which 95% are micro companies. Apart from contributing to circa 65% of total GDP, SMEs are particularly important for bringing innovative products or techniques to the market. utilise The Labour Government sees SMEs as the main drivers for speeding up economic growth and creating more and better jobs.  We give a lot of importance and support to SMEs.  In our electoral programme we promised to make it easier for business to operate by, among other initiatives, reducing bureaucracy and creating a one-stop-shop to obtain permits. We also committed ourselves that in synergy with local banks, and through the better utilisation of EU funds, we will create new schemes to facilitate businesses with the right access to responsible financing both with respect to working capital as well as for investment financing to continue to improve their operations, invest more and expand further. During the electoral campaign we insisted that we will be delivering on what we promise. Cabinet members colleagues of mine have been rolling out one initiative after another in fulfilment with our electoral promises. Even with respect to support for SMEs we are fulfilling our pledge.  We are making available more EU funds for the benefit of SMEs. Last Wednesday, I had the pleasure to announce that through existing and new financing instruments like the JEREMIE and the SME Initiative we are making it possible for small entrepreneurs to benefit from millions of Euros in soft loans in support of their business activities.  This is being made possible by the initial allocation of €15 million of EU funds from the new multi-annual financial framework 2014-2020 which are expected to leverage around €90 million to help SMEs perform better.  The underlying objective of these schemes is to improve access to finance for SMEs.  These loan guarantees are used to stimulate lending by financial intermediaries, in the case of JEREMIE together with the Bank of Valletta, to entrepreneurs and small enterprises that normally would not have sufficient collateral to obtain a loan in order to invest and extend their business. This is done through the European Regional & Developmental Funds where the Government agrees to dedicate resources for the implementation of financing schemes like the JEREMIE initiative together with the European Investment Fund of EIB. Even though the Partnership Agreement is, like as it is with all the other member states, still being finalised with the European Commission, Malta was one of the first Member States who have already committed itself with the EC in regards the SME initiative for the next seven years to provide financial support to SMEs. From day one, this government has recognized the importance that such financial instruments mean so much to SMEs, to the extent that last year we extended the JEREMIE scheme by another €11 million.  To-date, €6 million have already been utilised leaving another €5 million still available for Maltese and Gozitan entrepreneurs who wish to invest in their business operation. More than 190 small and medium sized enterprises have benefitted so far from the JEREMIE initiative.  One of these is the trucking company White Brothers.  I held my Press Conference on their premises on purpose to show that through such schemes the company was able to expand its operations by opening up new maintenance facilities at Hal Far.   This should be an encouragement to other SMEs to take advantage of the favourable loan facilities being made available. We intend to take every opportunity that comes our way to make the best and the maximum use of EU funds specifically to assist SMEs in being creative thus speeding up economic growth and create more and better jobs in the process.   Dr Ian Borg is the Parliamentary Secretary for EU Presidency 2017 and EU Funds