EU Support For Yorkshire Entrepreneurs
Brussels, 18 March 2010
Timothy Kirkhope is urging Yorkshire and the Humber’s entrepreneurs to check out new EU funding opportunities.
Timothy has welcomed the news that the EU is to provide 45,000 micro-loans to the unemployed and small entrepreneurs to develop their own small businesses. He is urging people in the region to access the funds. Those helped under the initiative will also get assistance in mentoring and training as well as getting support in setting up a business plan.
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 across the EU - 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.
He said:
"This new EU funding facility is for people who have lost their jobs and small entrepreneurs who want to build their own business, but cannot gain access to credit.
"Entrepreneurs and so-called micro-enterprises are the lifeblood of the economy and they should be supported.
“Now that the fund is in place I want as many budding entrepreneurs in Yorkshire and the Humber to access it as possible and I call on the British government to move swiftly to put in place a portal for people to access the funding.
"I believe that by fostering a spirit of innovation and creating a culture of enterprise in Yorkshire and the Humber funds such as this can help build an economic future marked by opportunity, investment and growth."
Interested parties are advised to contact the providers of microloans in their Member States. These could include banks, non-profit micro lenders, institutions providing guarantees, and any other specialized providers of microfinance products. The facility is expected to be fully operational by June 2010.
ENDS
