A new EU plan to fund business loans for unemployed people and very small firms will need active support from UK government agencies to succeed, says LibDem Euro MP Liz Lynne.
The European Microfinance Facility scheme is due to be launched in June this year and aims to give new entrepreneurs or small firms with less than 10 employees easier access to loans of up to 25,000 Euros (£21,000).
The scheme is part of the European Commission’s Economic Recovery programme and will be linked to the European Social Fund. The facility will be aimed particularly at people who have lost their jobs and want to set up their own business but who often struggle to get credit from banks in the current climate.
An initial 100 million Euro budget will be used to lever in additional funds of up to 500 million Euros more from institutions such as the European Investment bank, giving a total funding of approximately half a billion pounds.
Liz Lynne, MEP for the West Midlands Region, is Vice President of the Economic and Social Affairs Committee of the European Parliament and a strong supporter of this new initiative…….. http://bit.ly/cVlauw
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