Santander secures investment for business loan fund

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Santander secures investment for business loan fund

Santander has secured £150 million from the European Investment Bank business loan fund to help small to medium-sized enterprises (SMEs).

The funding, which will generate new jobs and drive economic growth, aims to support firms looking to invest in their business.

Companies with fewer than 250 employees are eligible for up to €12.5 million (£10.9 million) for a minimum of two years.

Santander has assisted in developing 136 businesses through the scheme by lending £129 million.

Head of Santander's corporate and commercial banking division Steve Pateman said: "Thanks to our partnership with the EIB, we will be able to assist more small and medium-sized customers with their expansion plans at discounted rates, helping to create local jobs and fuel this recovery."

The bank has recently unveiled an online offer that gives existing customers the chance to get £25 if they recommend a friend for a current account.

People who switch to a Santander Preferred, Zero, Reward or Premium current account will be given £100 by the bank.

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