Councils Club Together to Win European Money for Struggling Scottish Firms Public Sector Looks to Fill Lending Gap with Funding From Eib

Summary

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SCOTLAND'S councils are looking to apply for substantial European funding to make more micro-credit available for small and medium- sized enterprises (SMEs), the Sunday Herald has learned.

The move is part of an increasingly urgent drive by the public sector, including Scottish Enterprise (SE) and cash-strapped local councils, to fill the lending gap left by the near-collapse of the UK banking sector, and the drying up of bank credit despite main Scottish SME lenders RBS and Lloyds each receiving L250 million in European funds to the same end late last year.

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Extract

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Councils Club Together to Win European Money for Struggling Scottish Firms Public Sector Looks to Fill Lending Gap with Funding From Eib

The Sunday Herald understands that the Convention of Scottish Local Authorities (Cosla), which represents the councils, is gearing up to apply for funding from the Luxemburg-based European Invest...

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