This deal follows Barclays announcement that it has signed an agreement with The European Investment Fund (EIF) to finance lending to innovative small and medium-sized enterprises (SMEs) and small mid-caps in the UK. This transaction benefits from the support of the European Fund for Strategic Investments which will be deployed by the European Commission and the EIB Group.
The new agreement allows Barclays to provide EUR 140 million (GBP 100 million) finance to innovative companies in the UK over the next two years. Barclays have launched Innovation Finance in partnership with EIF to offer earlier lending and preferential pricing for companies, allowing more funds to be reinvested into the business.
The loan offered to AccessPay will be backed by a guarantee of The European Investment Funds (EIF), enabled by the InnovFin initiative with financial backing from the Commission`s Horizon 2020 programme. AccessPay provides a cloud connectivity between a business`s finance systems, their banks and all of the major UK and International payment networks such as BACS, SWIFT, SEPA, Faster Payments & Direct Debit.
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