EU backs innovative small business

The European Investment Fund (EIF) and the British Business Bank, have signed an InnovFin agreement for Small and Medium sized enterprises, which will enable the British Business Bank to lend £30 million.

Loans of up to £2 million will support the development of new products and processes, stimulate research and innovation and help businesses target new export markets.

Commenting on this agreement, Richard Ashworth Spokesman for the Conservative Party in the European Parliament said: “This £30m will help small, innovative firms across the UK to invest and achieve their full potential.”

The MEP for the South East went on to say: “This further proves the value of remaining inside the EU – outside the EU we would not have access to such valuable instruments.”





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