The Commission went on to conclude that the Small and Medium Enterprises Venture Capital and Loan Fund involved State aid within the meaning of Article 87(1) of the EC Treaty at the level of the investors and at the level of the beneficiary SMEs.
La Commission avait ensuite conclu que le régime du «Small and Medium Enterprises Venture Capital and Loan Fund» impliquait une aide d’État au sens de l’article 87, paragraphe 1, du traité CE au niveau des investisseurs et au niveau des PME bénéficiaires.