Harlow MEP welcomes funding boost for small business borrowing
Politics / Mon 28th Jul 2014 am31 10:24am
HARLOW Euro MP Richard Howitt has welcomed a more than £1 billion EU funding boost for small business borrowing announced this week.
The new commitment by the EU is to finance loan guarantees for lending to small and medium enterprises across Essex, and the rest of the European Union.
Labour’s Richard Howitt MEP said,
“I hear constantly from small business in Essex that borrowing for future expansion and growth remains a key obstacle.
“The UK Government and banking system continues to fail these essential small and medium sized engines for local job creation and growth so I’m delighted that the European Union has now committed over £1 billion directly to support equity and debt financing for SMEs.
“Making loans more accessible is crucial and it’s estimated that this investment will contribute a massive £20 billion in loan guarantees and equity finance for jobs and growth across Europe over the next seven years.”