A New Funding Partnership
The Government has teamed up with the European Investment Bank (EIB) in a move to try and guarantee the majority of SMEs and UK Infrastructure Projects access to funding from the European Fund for Strategic Investment (EFSI), and thereby assist business growth.
It is hoped the new financing opportunities will allow SMEs to take on more employees and expand, subsequently boosting the UK economy. This latest development leads on from the current £44bn of finance offered by the Government to help ‘kick start’ new businesses. The two parties signed a Memorandum of Understanding on 16th July revealing the possible areas for cooperation, emphasising backing for SMEs with large growth potential through the Help to Grow Programme.
George Osborne hailed the agreement as seeing “EU funds being spent in a way that will promote growth and create jobs in the UK and across Europe”, whilst British Business Bank CEO Keith Morgan believes it will bring “opportunities for closer collaboration in supporting the growth of smaller businesses”.
Funding can fuel your Business growth
It’s worth noting that the British Business Bank does not provide funding directly to smaller businesses, but works in conjunction with private sector partners to enable SMEs to access finance, from a range of providers. As an Access To Finance Coach with the Business Growth Service, I am in regular contact with these providers. If you have a finance need, please get in touch for a chat.