Investment Plan for Europe: EIF and British Business Bank sign GBP 30 million agreement for innovative businesses

The European Investment Fund (EIF) and the British Business Bank, have signed an InnovFin agreement for SMEs, benefiting from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. The InnovFin agreement will enable British Business Bank to provide guarantees on bank loans to innovative companies in the United Kingdom over the next 2 years. The EU support for innovative UK companies is expected to generate a portfolio of GBP 30 million (c. EUR 23 million) of bank loans. European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “The EIB’s collaboration with the British Business Bank – which is supported by the Investment Plan for Europe – is very important. The UK is full of innovative start-ups and small businesses which require a helping hand to grow their companies, and today’s news will certainly help many aspirations become a reality.”