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Barclays first to use EIB fund

Nov 03 2008

Following the announcement of a £4 billion loan from the European Investment Bank (EIB), Barclays has become the first high street bank to use the funding facility for SMEs.

A spokesperson for the bank says: ‘This is not going to be a lifeline for bad companies and will only be leant to companies with sound financial credentials.’

Further information regarding the terms of the loans is yet to be announced.

Mary Monfries, head of tax services for entrepreneurs at PricewaterhouseCoopers, says the firm welcomes the move by the EIB.

She adds: ‘Measures such as these are welcome steps, as are the government’s stated intention for commitments from banks to lend responsibly to businesses. What these businesses need to see quickly is this having a real impact on them.’

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