Smaller loans are also available. Loans are available for up to one half of the fixed asset costs of the project. Funds are allocated between member states on a quota basis, and areas and regions are designated by member states to receive national regional aid, and those areas then become entitled to receive fund aid. About two thirds of grants are for infrastructure projects undertaken by local authorities or other public bodies, and the grants are intended to reduce borrowings used to fund such investments. The fund usually provides about one half of the total expenditure, and is used for projects such as dams, railway modernisation, and the provision of fuel storage facilities.
Grants are also limited to fixed amounts of ECUs per job created and maintained.
This fund provides funding for organisations which operate schemes for vocational training and job creation. Public authorities must provide at least an equivalent grant. Companies may apply for grants, but they must obtain some funding from a public authority to be eligible for a grant. A research and development program for the period 1994 to 1998 is in operation. The European Commission identifies projects to be carried out, and selects contractors to carry out the projects.