The European Commission said on Thursday it had approved a Slovak aid scheme to help businesses to address the current economic crisis.
Under the scheme, aid of up to €500,000 ($664,000) per firm may be granted in 2009 and 2010 to businesses facing funding problems due to the current credit squeeze.
The European Union’s executive arm said the scheme was in line with its temporary rules for state aid measures, which give member countries additional scope to facilitate access to financing in the present economic and financial crisis.
In addition, the aid will be available in the form of grants and remissions of penalties for non payment of taxes, and limited amounts of compatible aid that can be granted as from its approval by the commission until Dec. 31, 2010.
“The scheme will help to alleviate difficulties faced by Slovak businesses affected by the current financial crisis without giving rise to any undue distortions of competition,” said EU Competition Commissioner Neelie Kroes. (Xinhua)