EN
The article discusses selected issues connected with the absorption of resources from PHARE Funds - The Investment Subsidies Fund (ISF) by small and medium enterprises in the Warmia and Mazury province. The authoress analyzes the realization of obligations contained in PHARE contracts from the years 2000-2002. Opinions of surveyed entrepreneurs regarding the significance of the PHARE ISF for investment processes in the SME segment are presented.