Brussels, 04/11/2011 (Agence Europe) - Small and medium-sized businesses in Britain will benefit from discounted loan rates with Lloyds TSB using a new £150 million European Investment Bank (EIB) funding initiative. Thus, £150 million will be allocated to enhance support for SMEs by Lloyds Banking Group following successful use of two funding programmes totalling £500 million by Lloyds TSB and Bank of Scotland, the EIB said on Monday 31 October. The two programmes were used to fund investment by more than 1,200 companies.
The initiative announced on Monday will allow British companies with fewer than 250 employees to benefit from lower interest rates and be able to finance 100% of an individual company's investment costs, up to a maximum of £11 million per project. The new programme will support companies looking to invest in their business, helping to create new jobs and drive local economic growth. (OL/transl.jl)