As a Convergence Objective Autonomous Community of the European Union, Andalusia was a beneficiary of the significant volume of European resources for regional innovation mobilised by the 2007-2013 Technological Fund and the 2014-2020 Smart Growth programme. The Andalusian productive fabric is mostly made up of Small and Medium-sized Enterprises (SMEs). For this reason, we evaluate the impact of the ERDF-Innterconecta programme financed through the previous operational programmes on the main indicators of business growth. The proposed analysis seeks to identify whether there has been an impact for Andalusian companies that have participated in the subsidised projects on three indicators (revenue, GVA, number of employees), further differentiating these companies by size, participation in innovation and role taken in the funded projects. This impact varies according to the characteristics of the companies, being more positive for Large Enterprises (LE), leaders of the projects and for those that had not previously registered research investments in the accountancy.