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Government get tough with lenders Sponsored Links Government get tough with lenders The British government has moved to secure the future of thousands of small businesses at risk of closure because of the credit-crunch. By Darrell Joyce Category: 0 Submit your Articles Here! The British government has moved to secure the future of thousands of small businesses at risk of closure because of the credit-crunch. Because of the sharp decline in liquidity in the financial institutions, many banks were unwilling or unable to lend money to businesses and consumers, but according to reports it looks like the European Investment Bank (EIB) will help out considerably, by loaning around £4billion to aid the struggling British economy. The EIB was set up in the late fifties to become the centralised long-term lending institution of Europe, which attempts to aid member states in times of crisis. The bank raises money on the capital markets and operates as a autonomous entity within the Union. Cash injection Gordon Brown and the Chancellor Alistair Darling welcomed the cash injection by the EIB, but were harsh in their criticism of MPs from both sides of the aisle for failing to guarantee that the money would be passed on by the banks to companies that needed it. "Having recapitalised the banks, we must ensure that the money is used to sustain credit lines on normal terms to solvent businesses, I urge banks not to change the terms and charges for existing lending to small and medium-sized enterprises." Brown said. Darling stressed the importance of business lending, arguing that staving off disaster for these small businesses is vital for the long-term stability of the countries' economy. "Small firms are vital to the strength of our economy. We need to make sure that despite the global credit crunch, they have access to the loans and capital they need to help their businesses grow and develop." Said Darling. "I am delighted by this commitment from the EIB and the banks to get more finance to small firms, and to ensure the funding is more flexible and easier to access than in the past. The government will do everything necessary to support Britain's small firms at this difficult time, so they can get on with the job of growing their businesses and supporting important sectors of our economy." He added. Nationalised Brown made clear that he felt there was no excuse, after this loan and the half-trillion liquidity deal, for banks to still be restricting lending. Britain has currently a 16% share in the EIB and so far has only taken up 10% of the loans. Darling is expected to make clear to British lenders that they have to be more pro-active in seeking help from the institution regardless of bureaucracy. After the government nationalised a number of banks, including RBS, HBOS and Lloyds TSB, it now plans to use its seat on the boards of these companies to push them to expand lending. Brown and his financial team expect that if the nationalised banks begin lending again, then the firms still totally in private hands will have to follow suit or risk losing market share. Darrell has more articles pertaining to loans and other finance related articles. Government get 0 Subcategories Computers & Internet > Year 2000 Problem > Education > Government Agencies > Government > Chats and Forums > Government > Civic Participation > Government > Conventions and Conferences > Government > Documents > Government > Embassies and Consulates > Government > Ethics > Government > Intelligence > Government > International Organizations > Government get 0 Articles