Small business insurance holders in the UK will benefit from the announcement that £700 million of easy-to-access funding is to be made available to them by the European Investment Bank (EIB).

The scheme started in 2008, when the government announced a three-year tie-up with the EIB to provide small business insurance holders with access to low-cost loans - so far £1.39 billion has been received.

Ian Pearson, economic secretary to the Treasury, stated he believes that providing small business insurance holders with resources is essential to driving the UK's economy forward.

He added: "I want to encourage all businesses to get in touch with their local banks to find out if they can get access to this funding; it is an easy process."

The news comes after John Wright, chairman of the Federation of Small Businesses, noted that small business insurance holders need access to finance and credit if they are to profit from the UK's exit from recession.

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