Bank of Scotland has announced that it is finalizing negotiations with the European Investment Bank to secure GBP250 million in funding to support its small and medium enterprise customers during difficult trading conditions.
Bank of Scotland anticipates that the funding from European Investment Bank (EIB) will enable the bank to provide lending facilities to its customers at a significant discount to standard rates. Bank of Scotland is working with the EIB to define the terms and conditions of how this funding will be made available to its small and medium enterprise customers.
In addition to EIB funding, Bank of Scotland has announced that it is also committed to a range of other measures aimed at providing some reassurance to its 180,000 small business customers.
Adrian Grace, managing director of commercial operations at Bank of Scotland, said: "We understand the financial pressures that they are facing during these difficult economic times. That is precisely why we have launched this package of measures - to provide both financial assistance and, equally importantly, some reassurance that the bank is committed to supporting small business throughout the UK. We are confident that these measures will make a real difference to our small business customers."