EU supports over EUR 50m for businesses in the UK following EIF and Orange Money (Ezbob) agreement
March 19, 2015
The European Investment Fund (EIF) and Orange Money Ltd (trading as Ezbob) have signed the first loan guarantee agreement in the UK under the EU programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME). This is the first agreement with an online SME lender under COSME and will allow Orange Money (Ezbob) to substantially increase their loan volumes to SMEs by supporting a new portfolio of loans worth up to GBP 40m (EUR 56m) over the next two years. Over 3,000 companies are expected to benefit from this EU support.First Progress Microfinance agreement with internet lender Ezbob and the EIF
February 10, 2014
The European Investment Fund (EIF) and EZBOB today signed a guarantee agreement aimed at supporting over 1,000 micro-enterprises in the UK. This agreement with the first internet microfinance lender under Progress Microfinance will allow EZBOB to provide enhanced access to finance to micro-entrepreneurs, in particular to young entrepreneurs in the UK, many of whom face difficulties in accessing credit from traditional banking sources. Progress Microfinance guarantees are funded by the European Commission and managed by the European Investment Fund. Commenting on the transaction, Head of the Microfinance team, Per-Erik Eriksson said: “We are pleased to be signing the first internet microfinance contract under Progress Microfinance with EZBOB in the UK. I am convinced that this innovative financing platform will help to benefit micro-enterprises and contribute to the economic growth across the country”.