Brussels approves crisis aid plan

The European Commission has authorised, February 2009, under the state aid rules of the EC Treaty, the first in a series of aid measures for businesses planned by the United Kingdom to deal with the current economic crisis. This measure will enable aid of up to €500 000 to be granted per company in 2009 and 2010 to businesses in difficulty as a consequence of the crisis or facing funding problems because of the credit crunch. The scheme meets the conditions laid down in the Commission’s Temporary Framework giving Member States additional possibilities for providing businesses with improved access to financing during the economic and financial crisis (see IP/08/1993). It is therefore compatible with Article 87(3)(b) of the EC Treaty, which permits aid intended to remedy a serious disturbance in the economy of a Member State.

European Commission: Press Release: IP/09/215: State aid: Commission authorises UK crisis scheme for aid of up to €500 000 per business http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/215&format=PDF&aged=0&language=EN&guiLanguage=en

ESO: Background information: Brussels to help struggling companies http://www.europeansources.info/record/brussels-to-help-struggling-companies/

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