Brussels – Since the EU started its microfinance initiatives, more than 100 agreements have been signed with microfinance providers, to support over 100,000 micro-entrepreneurs in 23 EU member states. This cooperation between the European Investment Fund (EIF), the European Commission, and microfinance providers aims to mobilise over 1 billion euros of microfinance loans for micro-borrowers across the EU under Progress Microfinance and the EU Programme for Employment and Social Innovation (EaSI). Target borrowers include unemployed micro-entrepreneurs, young self-employed, minority groups, women and rural communities where microfinance can help with work-integration, health care, social housing and education.
Since the launch of EaSI, EIF has already signed 33 transactions in 18 countries, generating 660 million euros of financing to over 50,000 micro-enterprises and social enterprises. Micro-enterprises or social enterprises wishing to apply for a (micro-)loan under EaSI can do so directly by contacting one of EIF’s microfinance institutions.
EIF will not provide direct financial support to enterprises and micro-borrowers but will implement the facility through local financial intermediaries, such as microfinance, social finance and guarantee institutions, as well as banks active across the EU-28 and additional countries that are participating in the EaSI programme. These intermediaries will deal with interested parties directly to provide support under the EaSI Guarantee.
