Bank boosts support for SMEs with £200m fund

SANTANDER has announced it is further boosting its support to SMEs after securing its fourth tranche of funding from the European Investment Bank (EIB), enabling it to provide discounted loan rates to qualifying businesses.

The £200m fund will help support firms looking to invest in their businesses, in turn helping to generate new jobs and drive local economic growth.

The new funding is available immediately to companies with fewer than 250 employees looking for loans of up to EUR 12.5m for a minimum of two years.

Santander said the new EIB funding complements its commitment to UK SMEs and follows its consistent support with lending growing by an average of 20% a year over the last four years.

Marcelino Castrillo, managing director at Santander Corporate & Commercial, said: “Ensuring businesses are able to access affordable investment capital is crucial for the UK’s economic recovery. Thanks to our partnership with the EIB, we will be able to assist more small and medium-sized customers with their expansion plans at discounted rates, helping to create local jobs and fuel this recovery.”