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... »