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EIF and the European Commission mobilise EUR 237m in loans to support 20,000 European micro-enterprises

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    Date: 19 October 2015

20, 000 micro-enterprises will get access to loans worth EUR 237 million under the European Programme for Employment and Social Innovation (EaSi). Today, the European Investment Fund (EIF), which manages the EaSI Guarantee on behalf of the European Commission, and six microfinance institutions are signing guarantee agreements that will open up access to finance for microenterprises.

Marianne Thyssen, Commissioner for Employment, Social Affairs, Skills and Labour Mobility, said: "I congratulate the 6 microcredit providers from France, the Netherlands, Ireland, Romania, Italy and Spain which are signing their guarantee agreements - easing access to finance for new microenterprises. Microfinance is an essential instrument to promote entrepreneurship and fight against social and financial exclusion. The Juncker Commission is committed to creating growth and jobs and today we are delivering concretely on this priority."

EIF Chief Executive, Pier Luigi Gilibert said: “I am delighted to be signing our first microfinance agreements only a few months after the EaSI Guarantee was launched. EUR 237 million provides a boost to the microfinance sector and will help to support disadvantaged micro-entrepreneurs, many of which were previously unemployed. I am also pleased that we are concluding agreements with these institutions today, many of whom have successfully deployed EU microfinance support in recent years. We also expect to sign similar transactions in the coming months.”

Pim Van Ballekom, EIB Vice President said: "Microfinance remains a key sector for the EIB Group. Our contribution to EaSI’s predecessor programme helped to create employment opportunities for micro-borrowers and I am convinced that the role of the EIB Group in delivering microfinance under EaSI and through additional programmes will be essential in supporting future micro-entrepreneurs. I am pleased that the EIF is signing EaSI guarantee agreements which will support around 20,000 micro-entrepreneurs in six different countries."

The six guarantee agreements signed during the opening session of the 1st European Microfinance Day organised by EMN and MFC, target those who wish to start or further develop their own micro-enterprises, in particular people who have difficulties in entering the job market or in accessing finance.

These first deals enabling loans contracts to microenterprises for a total of EUR 237 million will be signed between EIF and Association pour le Droit à l'Initiative Economique (FR), Laboral Kutxa/Caja Laboral Popular (ES), Microfinance Ireland (IE), PerMicro (IT), Nextebank (RO) and Qredits Microfinanciering (NL) covering six countries only 5 months following the launch of the EaSI initiative.

In total, the EaSI Guarantee will provide a leverage of more than EUR 500 million over the 2014-2020 period in loans in order to promote jobs and growth in Europe for the next 15 years, unlocking a total of 30,800 in loans to microfinance and 1,000 loans to social enterprises. The guarantee for microfinance or social finance providers is managed by EIF on behalf of the European Commission.

EIF will not provide direct financial support to enterprises 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.  

About the Programme for Employment and Social Innovation

Under the European Programme for Employment and Social Innovation (EaSI), the European Commission supports microfinance and social entrepreneurship finance with an overall envelope of EUR 193 million for the period 2014-2020. The aim is to increase access to microfinance, i.e. loans of up to EUR 25 000, in particular for vulnerable persons and micro-enterprises. In addition, for the first time, the European Commission will also support social enterprises through investments of up to EUR 500 000. The microfinance and social entrepreneurship support will be first implemented through the EaSI Guarantee, which will enable microcredit providers and social enterprise investors to reach out to entrepreneurs that would not have been able to gain finance otherwise due to risk considerations. The European Commission has selected EIF to implement the EaSI Guarantee.

About the European Investment Fund

The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. EIF’s total net commitments to private equity funds amounted to over EUR 8.8 billion at the end of 2014. With investments in over 500 funds, EIF is a leading player in European venture due to the scale and the scope of its investments, especially in high-tech and early-stage segments. EIF’s guarantees loan portfolio totalled over EUR 5.6 billion in over 350 operations at end 2014, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.

For further information on EU microfinance and social entrepreneurship support please refer to:

Easi Programme        

EU support to social entrepreneurship

Press contact:

EIF: David Yormesor, tel: +352 42 66 88 346, e-mail: d.yormesor@eif.org

EU Commission: Christian WIGAND , +32 2 296 22 53, Tove ERNST +32 2 298 67 64

 

 

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