Regional firms with up to ten employees and unemployed people looking to start a business have been urged to apply for £90 million of micro-loans.

Yorkshire MEP Timothy Kirkhope welcomed the announcement that the EU is to provide 45,000 micro-loans to help develop small businesses.

Those helped under the initiative will also receive mentoring and help with writing a business plan.

Mr Kirkhope said: “This new EU funding facility is for people who have lost their jobs and small entrepreneurs who want to build their own business, but cannot gain access to credit.

“The European Micro-finance Facility will have a starting budget of about £90m but it should be able to leverage extra money – up to £450 million across the EU – from other international institutions such as the European Investment Bank.

“It is expected that the fund will be able to provide around 45,000 loans over the next eight years. Entrepre-neurs and so-called micro-enterprises are the lifeblood of the economy and they should be supported.

“I want as many budding entrepreneurs in Yorkshire to access it as possible and I call on the Government to move swiftly to put in place a portal for people to access the funding.

“I believe that by fostering a spirit of innovation and enterprise funds such as this can help build an economic future marked by opportunity, investment and growth.”