Investment & Fund Management
The European Investment
Full Credential Description
The European Investment Fund (EIF) and Orange Money Ltd (trading as Ezbob) entered into a significant partnership to enhance financial support for small and medium-sized enterprises (SMEs) in the UK. The specific challenge faced by SMEs was limited access to finance, which has been a pressing issue in the UK economy. To address this, the EIF and Orange Money signed the first loan guarantee agreement in the UK under the EU's COSME programme, aimed at improving the competitiveness of SMEs.
The tailored solution provided through this agreement allows Orange Money to substantially increase their loan volumes, supporting a new portfolio of loans worth up to GBP 40 million (approximately EUR 56 million) over the next two years. This initiative is expected to benefit over 3,000 SMEs, providing them with the necessary financial resources to sustain and fuel their growth.
As a result of this collaboration, Orange Money has already demonstrated its commitment to supporting small businesses, having previously lent to 690 companies under the European Progress Microfinance Facility. The COSME agreement not only builds on this success but also significantly expands the funding available to UK small businesses, thereby contributing to job creation and economic stability during a challenging financial landscape.