New EU funding facility

This week, European ministers have passed a new EU funding facility for people who have lost their jobs and want to build their own business, but cannot gain access to credit.
 
The European Microfinance Facility will have a starting budget of about 90 million pounds but it should be able to leverage extra money - up to 450 million pounds - from other international institutions such as the European Investment Bank. It is expected that the fund will be able to provide around 45,000 loans over the next eight years. Anyone accessing the fund will be given help with a business plan and coaching.
 
Entrepreneurs and so-called micro-enterprises are the lifeblood of the economy and they should be supported. Conservative MEPs supported this fund, although we had initially asked for it to be reallocated from another budget line. Now that it is in place, I want as many budding entrepreneurs in the South West to access it and I call on the British government to move swiftly to put in place a portal for people to access the funding.

Giles Chichester MEP
Conservative MEP for South West England and Gibraltar