funding scheme

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... »