The Federation of Small Businesses (FSB) has called on more banks to take advantage of new funds provided by the European Investment Bank (EIB) and pass the money onto SMEs.

The Government recently announced that it is expecting up to £4b in support from the EIB.

"The Government must insist more banks apply to the EIB so more small businesses can access the much needed funds, said FSB chairman, John Wright.

"Over 80% of small businesses use the four major banks yet only one - Barclays - currently supply EIB finance."