The following is a letter sent to media in the South East of England on 11 December 2015
Sir, Your readers might be interested to know that a new plan that will guarantee loans to small businesses has been approved in Brussels. The guarantee scheme will provide £40million to over 3,000 small businesses.
The scheme is funded by the European Investment Fund and benefits from the support of the European Fund for Strategic Investments (EFSI).
Small businesses in the UK are still struggling to get access to finance so this programme should be welcomed as an opportunity for small business owners.
The European Fund for Strategic Investments was a hard fought win for the Conservatives and I am delighted to see British businesses benefiting from our work in Brussels.
The guarantee scheme will allow Iwoca to lend GBP 40m (EUR 60m) to over 3,000 small businesses in the UK. The loans will be provided as a result of a guarantee from the EIF under the COSME programme with financial backing from the European Commission. A small business can apply for financing under the programme at www.iwoca.co.uk. iwoca’s technology-driven risk platform automatically analyses thousands of data points for each application, allowing a business to get approved for up to £100,000 within hours.
If your readers have an views on this new guarantee scheme please email me directly at email@example.com.