smallbusiness.co.uk: Helping your business think big

Short-term finance

Rory Earley, CEO of Capital for Enterprise, explores the options...
Have your say »

RSS

More EIB funding available to SMEs

Dec 03 2008

SMEs need access to EIB funding

The Bank of Scotland intends to make £250 million of funds available to SMEs in the next two weeks.

The money will be used from the £4 billion European Investment Bank (EIB) funding secured for small businesses, and is available to companies employing less than 250 staff.

A spokesperson from the Forum of Private Business says: ‘We welcome the fact this crucial funding is being made available to SMEs by the Bank of Scotland and urge other banks to follow suit.’

The bank says it is yet to work out its terms and conditions, but intends to pass on a discount in interest rate charges.

The EIB is still in negotiation stages with several UK banks, but says it is expecting signatures very soon.

Both Barclays and the Royal Bank of Scotland have also publicly announced that they intend to use the money, but in his Pre-Budget Report the chancellor said four other banks have so far asked the EIB for the funding.

Comments

There are currently no comments on this article

Fixed fee banking puts you in control

Our simple fixed fee banking means you’ll always know where you stand. It’s just one of the reasons why we’ve been named Moneyfacts Best Business Current Account provider for the 10th year running. Find out more.

Barclays Business Start Up Account

Get everything you'd expect from a Barclays Business account…Free business banking for up to 2 years (Ts&Cs apply). Free day-to-day support from our Barclays Business Team by phone 24/7 and Mobile Banking, manage your account quickly and easily from a web-enabled phone. Apply online.

Make business more rewarding with up to 3% cashback on your Barclaycard business credit card spend

Reward those unavoidable costs you already face every day in your business. Things like office supplies & stationery, legal and accounting services, computer equipment and support. Plus get 0% interest on purchases for 3 months from account opening. Terms & conditions apply. Find out more.

Polls

Latest News

Small businesses are looking beyond banks for finance options

SMEs shun bank loans

Almost two thirds of small business owners believe they will have to look for an alternative to bank funding when raising money in 2012.

FSB calls for increased competition in banking

The Federation of Small Businesses is urging the government to consider competition in the banking sector in its response to the ICB's final report next week.

RBS in bid to boost lending

The Royal Bank of Scotland has said it will aim to boost small business lending by at least 15 percent in three months as part of a drive to get behind the economic recovery.

FPB: Business Finance Taskforce not there yet

The Business Finance Taskforce has not yet achieved its aim of repairing the relationship between banks and small businesses, says the Forum of Private Business.

SMEs increasingly shun bank lending margins

Three quarters of small businesses think that bank lending margins on loans are too high, up from 73 per cent last year, research finds.

FSB welcomes banking reform

The Federation of Small Businesses has welcomed the recommendations set out by the Independent Commission on Banking on reform of the banking sector.

FSB: Government must not 'water down' banking reforms

The national chairman of the Federation of Small Businesses has written an open letter to the prime minister urging him not to ‘water down' proposals on banking reform.

Free loans offered to riot-hit businesses

A major bank is set to help out businesses hit by rioting by offering fee-free loans.

BoE: Project Merlin on track

More than £20 billion was lent to small businesses by the nation’s leading banks over the past quarter, figures from the Bank of England show.

Project Merlin banks 'on track' for lending targets

The five banks involved in the government-backed Project Merlin initiative say that they are ‘on track’ to meet business lending commitments.

FSB: More competition needed in banking

The banking sector needs more competition, rather than lending targets, to give small firms a better deal, says the Federation of Small Businesses.

Guides & Tips

Armed with the right tricks, small businesses can prise funds from banks

How to win bank funding

Business owners and bankers share tips with SmallBusiness.co.uk on how to negotiate a financing deal.

Banks in the main still seem reluctant to lend

Banking on assistance

Many businesses are still having no luck in obtaining bank loans.

The numbers have to add up if you're looking to borrow from a bank

What banks want to see from SMEs

So why aren’t banks lending to small businesses? Rose Lewis, a partner at financial consultancy Pembridge Partners, outlines what banks want to see from SMEs before agreeing to show the money.

Don't Miss

Choosing the right financial investments

Get investing

When cash savings rates are low, some people start thinking about putting their money into investments and there are plenty to choose from.

Loans scheme for start-ups falls flat

Last month the government launched a finance package to help struggling small businesses access bank loans, but SMEs say they aren’t seeing the benefits.

Your first business loan

If your business plan and financial forecasts are sound, you may be feeling brave enough to approach a bank for funding.

Store

FT Guide to Personal Tax

The FT Guide to Personal Tax is published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc and John Bloxham, this unique guide gives step-by-step advice to completing your tax return as well as over 230 tax-saving tips.

Growth Company Investor

Growth Company Investor is widely recognised as the leading magazine for investors interested in AIM and smallcap companies. Published 10 times per year, and brought to you by an award-winning analyst team, it offers subscribers unrivalled insight into high-potential smaller companies. Subscribe today with a 50% discount in your first year.

FT Guide to Business Start Up

The FT Guide to Business Start Up 2012, published by Pearson Education, is written by Sara Williams, CEO of Vitesse Media Plc. This unique guide has sold over two million copies. It offers practical advice about starting and running your own business.