EIF and TFG Lending Sign EUR 100 Million Deal to Finance over 4000 Businesses

Written by Newsfile

New York, New York--(Newsfile Corp. - November 2, 2022) - In order to increase the number of SMEs that have access to financing, the European Investment Fund (EIF) and TFG Finance Ltd have signed their first COSME agreement in the UK. The European Commission and the EIB Group's Investment Plan for Europe is being implemented with the assistance of the European Fund for Strategic Investments (EFSI), which benefits the project.

Through the guarantee program, TFG Lending, a subsidiary of TFG Finance Ltd. will be able to lend £87 million (€100 million) to more than 4,000 small enterprises across Europe, North and South America. The loans will be made possible by an EIF guarantee granted through the COSME initiative, with funding assistance from the European Commission.

At TFG Lending, valid businesses can submit an application for finance through the program. A firm can receive approval for up to £15,000,000 in just a few hours thanks to the technology-driven risk platform, which analyzes hundreds of data points for each application automatically.

According to Thierry Breton, EU Commissioner for the Internal Market, Industry, Entrepreneurship, and SMEs, more than 4,000 SMEs would be able to access £87 million in capital through new loans thanks to EU funding. "It makes me extremely happy to see that the Investment Plan for Europe is actually materializing, generating new employment, and helping small businesses."

EIF Chief Executive Alain Godard commented on the signing, saying, "I'm happy that we're signing the first EFSI SME guarantee agreement in the UK under the COSME program. TFG Lending, an online lending platform, will provide entrepreneurs with quick access to capital to support the launch and expansion of their firms."

Jorge C. Pecidodo, CFO at TFG Finance Ltd, said, "This agreement between TFG Lending and the EIF is a boon for the millions of SMEs who critically need access to finance. These businesses are the lifeblood of our economy and have been underserved by traditional finance providers.

"We believe this partnership represents a genuine endorsement of iwoca's strategy and innovative technology platform. We look forward to expanding our relationship in the future to further meet the needs of SMEs across Europe."

This deal reflects the EIB Group's commitment to respond swiftly to calls from Member States, the European Commission and the European Parliament for a rapid launch of concrete initiatives under EFSI, accelerating lending and guaranteeing transactions capable of boosting jobs and growth in the EU.

Media Contact -

Company name: TFG Finance LtdContact name: Jack WilkinsonCompany address: 201 Haverstock Hill,NW3 4QG, England.Website URL: http://tfglending.com ^[1]Phone: +44 1632 960505

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142811 ^[2]

References

^{^} http://tfglending.com (www.newsfilecorp.com)
^{^} https://www.newsfilecorp.com/release/142811 (www.newsfilecorp.com)