Alyn Smith MEP and Michael Russell MSP have highlighted a new £40 million deal to support local businesses, courtesy of the European Investment Fund and credit facility iwoca.
The guarantee scheme will allow iwoca to lend to small businesses, backed financially by the European Commission. A small business can apply for funding under the programme at www.iwoca.co.uk, where the risk-platform automatically analyses thousands of data points for each application, meaning local businesses can be approved for up to £100,000 within a few hours.
“This could be a considerable boon for those Small and Medium Enterprises (SMEs) and entrepreneurs who need rapid access to finance to grow their business.
“At a time when credit can be hard to come by and cash flow remains the single biggest problem facing business, this scheme might not be for everyone but it has its place, and businesses in Argyll and Bute should certainly be aware of it”
Michael Russell added:
“This scheme could be of great benefit to small businesses under pressure in Argyll and Bute and I hope that all small business owners will consider utilising it, if they could benefit.
“ I am glad to help Alyn raise awareness of what is available throughout the constituency not least because the scheme illustrates the benefits of being part of a Europe which wants every area to flourish.”