european investment bank

EIB Funding Initiative Not Revolutionary says Bibby

Small businesses across the UK were given a boost recently, as the European Investment Bank’s (EIB) announced it would provide over £700 million of funding to nearly 3,000 small firms through participating national banks. However, it is questionable how many UK businesses will actually gain access to this funding and how it will affect the economy in the long run. Edward Rimmer, chief executive, Bibby Financial Services said: “Despite Government attempts to increase funding available to small and medium sized businesses through EIB funding, the initiative still poses several limitations to small firms hoping to access the finance they need to take their businesses forward.” In his 2008 Pre-Budget Report, Chancellor of the Exchequer Alistair Darling announced that UK... »

Struggling SMEs Apply for European Bank Funding

Small firms struggling to access finance should apply for funding through the European Investment Bank’s (EIB) finance scheme, the Federation of Small Businesses (FSB) has urged. Introduced in the 2008 Pre-Budget Report, Chancellor of the Exchequer Alistair Darling said that UK small firms could benefit from up to £4 billion of EIB finance until 2011. According to the latest HM Treasury figures, £700 million of EIB funding has been allocated to nearly 3,000 small firms to date. Any business with fewer than 250 employees is eligible to apply for funding. Firms access the funds via national banks, which lend the finance on a matched fund basis. “We welcome the news that so many small firms have benefited from low cost EIB loans,” said FSB national chairman, John... »

Loan

Businesses demand funds reach firms quickly

Business groups have warned that funds from the European Investment Bank’s (EIB) £4–billion support package must reach small firms immediately to be of benefit. The cash is part of a £24–billion emergency loan package to enable banks to help business customers through the financial crisis, and will be made available by the EIB through high–street banks over the next four years. The EIB has said its loans can be used to support a wide range of investment or expenditure necessary to help a small business grow. All independent firms with fewer than 250 employees will be eligible to apply. The Federation of Small Businesses (FSB) expressed concern that the funds may not be available until 2009, and urged the government to use Regional Development Agencies (R... »

Struggling small firms â?¬30 billion lifeline

The European Investment Bank (EIB) has launched a €30 billion fund to help small firms in the EU which are struggling to access bank finance. The EIB has earmarked €30 billion to be loaned exclusively to SMEs in the EU via commercial banks between now and 2011. The funding comes in response to European leaders’ calls to give more support to small businesses during the credit crunch. The EU’s finance ministers had planned to release the first €15 billion gradually over the next two years, but Prime Minister Gordon Brown led the call at an emergency summit in Paris for immediate access. His demands were endorsed and the first €15 billion will become available over the next few weeks. An EIB spokeswoman said: “The idea is to encourage banks in financial t... »