EC may help small businesses

UK investors seeking to transfer money to their overseas investments may soon benefit from a European Commission (EC) scheme.

Officials from the EC recently proposed setting up a new initiative that sees funds being loaned to small business entrepreneurs.

If implemented, the proposals would see investors applying for micro-credits from a pot of 500 million euros (£434 million), which is funded by the European Union and financial groups such as the European Investment Bank.

UK emigrants who are struggling to find money to transfer to their small businesses abroad may find the scheme useful.

Jose Manuel Barroso, EC president, encouraged the European Council to back the scheme, which he states can help invigorate trade.

"It is no less than a social recovery plan for Europe," he said.

"It is part and parcel of the social justice and solidarity that we see in the commission as the heart of the European project."

In other news, Shelter Offshore recently suggested that entrepreneurs who live abroad tend to be more creative than those who stay in their home countries.

Click here to make an International Money Transfer.

By Linsey Summers.