Business people get euro boost

devon.editorial@archant.co.uk
17 March 2010

EXMOUTH entrepreneurs who have lost their jobs and want to start their own business but can't get credit, can now get a helping hand thanks to a European ruling.

European ministers have now passed The European Microfinance Facility with a starting budget of about £90m with possible access to £450m 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 to entrepreneurs across the country.

Anyone accessing the fund will be given help with a business plan and coaching.

East Devon Euro MP, Giles Chichester from West Hill said: "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.