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Europe reveals business lending initiatives

Date Added: 18/06/2012  

Europe has revealed a raft of initiatives designed to improve business lending and allow small to medium-sized enterprises (SMEs) more access to finance.

At the fourth meeting of the European SME envoys held in Malta this month, European Commission vice-president Antonio Tajani revealed how firms are going to get held if they want to start trading internationally.

In order to help companies to achieve their goals, the European Commission has published a practical guide providing information to SMEs on how to access over €50 billion (£40.4 billion) of public finance in the 27 member states of the continent.

"If we want to stimulate growth in Europe, it is from our SMEs that we must start. Entrepreneurial potential in Europe is not fully exploited: 45 per cent of all Europeans would like to become their own boss if they could, but only an average of ten per cent are actually self-employed today," said Mr Tajani, who added millions of new innovative and creative enterprises could be created if this figure was raised.

A Europe-wide training campaign has also been launched by the commission for the Enterprise Europe Network to help SMEs get access to finance.

Mr Tajani explained the formation of new businesses is likely to have a positive impact on the state of economies across Europe, highlighting the fact jobs would be created as well.

An evaluation of public financing operations in five of the 27 member states - Germany, France, the UK, Poland and Sweden - has also been published by the European Commission.

It was revealed by the body that this is to allow the nations to exchange good practice and assess which programmes work best and could be used in other countries across the continent.

Hexham Conservative MP Guy Opperman previously told BBC News he believes the future of business lending could be a local system, where the lenders know the companies they are supplying money to.

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Posted by Michael Beam

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