UK SMEs to receive 40 million euro from EU
The European Investment Bank (EIB) has concluded a 40 million euro financing arrangement with the UK's Co-operative bank to support the activities of small and medium sized enterprises (SMEs). The funds, in the form of a global loan, will be used by the bank to support investments by SMEs in industry, rural and urban tourism schemes and services. Investment will aim to increase the productivity and competitive capacity of SMEs whilst contributing to growth and employment. Most of the money will go to assisted areas in the North West of England, the Midlands, Yorkshire and Wales. 'EIB is very pleased to co-finance the development of SMEs with the Co-operative bank, which plays an important development role through its financing of small and medium sized enterprises, municipalities and local communities,' said EIB vice president Peter Sedgwick. 'This facility will enable the Co-operative bank to extend the financing it can provide to SMEs, with a particular focus on smaller enterprises which need development finance for further growth,' he said. The Co-operative bank's Chief Executive, Mervyn Pedelty added: 'We are delighted to be working with the EIB to support businesses in assisted areas. The Co-operative bank looks forward to a long and successful relationship with the EIB where we can utilise EIB funding and our local business expertise to benefit the regions.'
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