Ebury approved to provide SME funding under Dutch Government’s coronavirus business aid scheme
Ebury, one of Europe’s largest fintech companies, has been granted approval in the Netherlands to provide SMEs with loans under the government’s SME Credit Guarantee Scheme, which was launched in response to the coronavirus crisis.
The scheme, which is available to Dutch businesses with fewer than 250 employees, provides government guarantees for loans of up to €1.5m. The guarantees will cover 75% of the loan amount for up to €2bn of SME lending in The Netherlands.
Ebury’s participation comes in a week that the UK fintech has announced its own initiative to offer financing to SMEs in the UK and Europe. An initial £40m lending facility to help SMEs manage their working capital during the coronavirus crisis has already been launched by Ebury in the UK.
The Dutch approval is the result of Ebury’s initiative to actively approach different government bodies across Europe so it can support in the distribution of financial aid packages to help SMEs.
Ebury was founded in 2009, following the banking crisis, to provide SMEs with financial solutions to help simplify international trade. It employs 1,100 staff and has offices in most European countries. In November 2019, Santander agreed to acquire a 50.1% stake in Ebury for £350m.
Ebury’s lending solution can be operated entirely digitally, making it possible to channel large volumes of customer requests – helping ensure financial help is promptly provided to businesses.
Ebury is also applying to the UK government’s Coronavirus Business Interruption Loan Scheme.
Juan Lobato co-founder of Ebury commented:
“The race to provide funding to European SMEs is a critical part of many governments’ response to the coronavirus crisis as vital public health measures put thousands of companies futures at risk. We are delighted to be able to help the Dutch SME community and government with funding during this effort.
Ebury was founded in the aftermath of the 2008 financial crisis and our flexible digital operations make us ideally placed to help governments distribute financial aid to small businesses throughout Europe.”