Ebury, a European fintech company, is launching an initiative to offer financing to SMEs in the UK and Europe. An initial £40 million ($50.5 million) lending facility to help UK SMEs manage their working capital during the coronavirus crisis is available now. Ebury aims to expand this program in collaboration with governments in the UK and Europe.

Ebury was founded in 2009, following the banking crisis, to provide SMEs with global transaction banking services. It employs 1,100 staff and has offices in most European countries. In November 2019, Santander agreed to acquire a 50.1% stake in Ebury for £350 million ($441.91 million).

“Getting finance to UK companies is essential in helping manage the cash flow pressures they are currently experiencing and Ebury is delighted to be offering this financing initiative,” Juan Lobato, co-founder of Ebury, said. “Ebury was founded to fill a gap left by the 2008 financial crisis and in this latest crisis it is ideally placed to help the government’s distribution of its financial aid packages to large and small businesses.”