A new plan that will guarantee loans to small businesses in the UK has been welcomed by Conservative MEPs.
The guarantee scheme will allow an innovative financial firm, iwoca, to lend £40mn to over 3,000 small businesses.
The scheme is funded by the European Investment Fund and benefits from the support of the European Fund for Strategic Investments (EFSI).
Dr. Kay Swinburne, spokesman on Economic and Monetary Affairs, said: “Small businesses in the UK are still struggling to get access to finance so this programme should be welcomed as an opportunity for small business owners.”
Amjad Bashir, spokesman on SMEs commented: “As someone who has been directly involved in setting up small businesses I know how vital it is to have sufficient access to finance. Today’s announcement will be a boost to those SMEs and entrepreneurs who are at the heart of our economic recovery.”
Budgetary Affairs Spokesman Richard Ashworth added: “The European Fund for Strategic Investments was a hard fought win for the Conservatives and I am delighted to see British businesses benefiting from our work in Brussels.”
ENDS
Notes to editors: For more information please see the European Commission press release: https://ec.europa.eu/commission/2014-2019/katainen/announcements/investment-plan-europe-eif-and-iwoca-sign-eur-60-million-deal-support-over-3000-small-businesses-uk_en
