EIF as a Management Company of the European Progress Microfinance Fund, a sub-fund of the EU Microfinance Platform FCP-SIF, makes instruments available to intermediaires aimed at enhancing access to credit to micro-enterprises, including self-employed people, female entrepreneurs, young entrepreneurs, entrepreneurs belonging to a minority group, entrepreneurs with a disability, sole traders etc.Depending on the type of intermediary and its activity, Progress Microfinance offers four types of funded instruments:
Pricing of funded instruments will reflect the individual transaction risks as well as local market conditions. Interest rates, as applicable, can be set on a floating or fixed-rate basis. Funded instruments can be denominated in Euro or local EU currencies.
The micro-credit activity supported by the financial instruments shall comprise new micro-loans and micro-lease receivables below EUR 25,000 equivalent to micro-borrowers as defined in the European Commission Recommendation 2003/361/EC.
Depending on the nature and strategy of each institution, there are various benefits of becoming an intermediary:
No specific format is required for an initial contact. We invite you to submit a structured presentation of your institution and of your funding needs following the points outlined in the document : How to present your organisation & microfinance programme to the EIF
Progress Microfinance has an investment period until April 2016.
The procedures to apply for funding under Progress Microfinance are easy. Read more about our full investment cycle.