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Banking & Finance

EU business loan fund launched

Article Date:  Jul 02 2009
The fund will provide business loans
The fund will provide business loans

The European Commission has made €100 million (£85 million) available to assist businesses with loans of up to €25,000.

The new microfinance facility is intended to assist start-up companies, as well as help people who have lost their jobs set up a business. It is hoped that an additional €500 million will be contributed to the fund by financial institutions including the European Investment Bank.

The fund has been welcomed by UK MEP Giles Chichester, who comments, ‘Small businesses and entrepreneurs will pull our economies out of this recession. This fund is a small seed corn for people who want to help themselves and provide employment for others.’

The legislation must be passed by the UK parliament before it comes into effect.

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