Small and medium-sized enterprises (SMEs) are to benefit from a £700 million injection of easy-to-access funding from the European Investment Bank (EIB), it has been revealed.
It is thought that over 3,000 companies will be able to take advantage of the new scheme, and the government hopes that this measure will give businesses a route to much-needed resources.
Economic secretary to the Treasury Ian Pearson stated that he viewed support for SMEs as integral to driving the growth of the UK, and he encouraged every organisation to contact their local bank to find out if they are eligible.
And John Wright, national chairman of the Federation of Small Businesses, noted that his organisation was pleased with the announcement of low-cost loans from the EIB, as it further emphasised the stability returning to the market.
It was recently revealed by the Confederation of British Industry that in the last quarter of 2009 SMEs recorded their best export volumes since January 2008.
SMEs 'to benefit from low-cost loans'
