The European Investment Bank (EIB) has announced that it will lend €100 million to Dutch and German small and medium enterprises through the Funding Circle peer-to-peer business loans platform. The bank expects this investment to support more than 2,000 startups and small businesses, based on the average loan amount of €40,000 to €70,000.

This is not the first time the EIB works with Funding Circle: since 2016, it’s lent £100 million to UK small businesses through the platform.

“SMEs are important drivers of growth, employment and innovation in Europe; they represent over 90% of businesses and employ two-thirds of the active working population,” said the EIB vice-president Ambroise Fayolle. “The EU bank seeks to ensure better access to finance for SMEs at all stages of development through a range of tailored instruments.”

According to the data shared by the EIB, Funding Circle has so far facilitated more than €210 million in small business loans in Germany and over €140 million in the Netherlands. Across Europe, 50,000 businesses have accessed about €5.5 billion in finance through the platform to date.

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