Commercial lender Ezbob has signed an agreement with the European Investment Fund (EIF), which will help it provide enhanced access to finance for SMEs in the UK.

Ezbob becomes the first internet lender to be chosen by the EIF and the guarantee agreement will allow the firm to increase its lending in the UK. Ezbob is also backed by the UK government’s Angel Co-Fund, which is a shareholder in the company. Ezbob has provided over £15m in over two thousand loans in 2013.

Co-founder Tomer Guriel said: “The new partnership is a first for an internet lender like ourselves and thanks to this agreement, as well as support from day one from the UK government’s Angel Co Fund and significant new investment from investors, we are looking to extend between £250m – £500m in credit to UK SME’s over the next few years.”

Co-founder Sharone Perlstein added: “We are aiming to work with the intermediary community in the UK, to provide the bulk of our enquiries from business. Our revolutionary system to process applications is set to change the way in which commercial loans are handled and most importantly the time in which it takes to deliver funding to SMEs.

“We can agree to a facility of up to £50000 and have cleared funds in a client’s account within 24 hours of application.”