UK SMEs benefit from £650m of EIB finance in 2008
The European Investment Bank (EIB) has signed three new generation EIB loans for small and medium sized enterprises (SMEs) in the UK for a total of £650m (EUR 720m). Three UK banks - Royal Bank of Scotland (RBS), Barclays Bank and Bank of Scotland (HBOS) - will act as financial intermediaries for the EIB funds, passing them onto SMEs with projects which further EU policy objectives. All three loans were signed during December and SMEs should start to benefit from EIB finance early in 2009.
The EIB loans for SMEs carry particular importance in the current financial and economic climate when many smaller businesses face difficulties in accessing finance.
In September 2008, the EU Finance Ministers called upon the EIB to extend, modernise and diversify their loans to the SME sector. The new generation loans ensure that the final recipients – the UK small firms – benefit from the financial advantage offered by EIB funds.
Simon Brooks, EIB Vice President responsible for lending
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