Article 3
Procedures 1. An SME which wishes to make an application under this scheme shall submit it to one of the financial intermediaries in the JEV network, referred to in Article 4. That intermediary shall be entrusted with evaluating the application and, in the event of a favourable opinion, passing it on to the Commission. 2. The Community contribution shall be paid to the SME, through the financial intermediary in accordance with the conditions set out in paragraphs 3 and 4. 3. In the case of the 50 % of the eligible expenses (with a maximum of ECU 50 000), a reimbursable advance of 50 % (maximum ECU 25 000) shall be paid as soon as the application has been accepted by the Commission. A second payment of 50 % (maximum ECU 25 000) shall be made on presentation of supporting documents for all the expenses incurred and on the basis of a detailed final evaluation report which permits an assessment of the feasibility of the joint venture as well as the investment envisaged. After acceptance of the documents by the Commission, the reimbursable advance will be converted into a grant. 4. With regard to the investment made, a payment limited to 10 % of the amount invested shall be made after completion of the investment and on proof that the new activity has commenced. 5. Any SME benefiting from the third payment (10 % of the investment) must undertake to submit to the Commission, for a period of five years, information on the activities of the joint venture set up and, in particular, on the number of jobs created. The Commission shall prepare annual reports based on inquiries and, where appropriate, on-site visits.