NewsroomEIB invests £1.5b in UK SMEsThe European Investment Bank has given almost £1.5billion’s worth of funding for small British businesses. The bank (EIB) announced, and the treasury confirmed, that some of the funding had already been approved for loans to almost 3,000 SMEs through UK lenders.
In a 2008 pre-budget report, EIB said that it would make £4billion available for banks to small businesses between 2008 and 2011. So far £1.39billion has been fed to UK banks and £726million of this has been loaned to 2,769 SMEs.
Speaking to Growing Business, the treasury’s economic secretary Ian Pearson said: “I want to encourage all businesses to get in touch with their local banks to find out if they can get access to this funding.” Lloyds TSB, RBS, Barclays, Close Brothers, Ulster Bank and Santander UK have lent money to small UK business as part of this scheme.
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