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First EaSI microfinance deal in Poland to support over 6,000 micro-enterprises

  •  
    Date: 19 January 2016

The European Investment Fund (EIF) and Inicjatywa Mikro have signed a guarantee agreement aimed at supporting more than 6,000 micro-enterprises in Poland under the EU Programme for Employment and Social Innovation (EaSi).

This new guarantee agreement with Inicjatywa Mikro will cover a loan portfolio of EUR 45 million disbursed to over 6,000 micro-entrepreneurs, many of whom face difficulties in accessing credit from traditional banking sources. The EaSI Guarantee scheme was launched in June 2015 and is funded by the European Commission and managed by the European Investment Fund.

Marianne Thyssen, Commissioner for Employment, Social Affairs, Skills and Labour Mobility, said: "The European Commission is firmly committed to helping micro-entrepreneurs succeed, as a pathway to fighting social and financial exclusion. Today's agreement with Inicjatywa Mikro will make it possible for more than 6000 Polish micro-enterprises to access loans worth €45 million, giving them the support needed to take root and develop, and thereby stimulating the economy from the foundation up."

EIF Deputy Chief Executive, Roger Havenith said: “I am pleased that we have signed our first microfinance agreement in Poland with Inicjatywa Mikro. This EaSI guarantee will help to support disadvantaged micro-entrepreneurs, many of which were previously unemployed, to access finance to start-up and develop their companies. We also expect to sign similar transactions in the coming months.”

Piotr Zimoląg, Inicjatywa Mikro CEO said: "Starting the cooperation with EIF we knew that this initiative will develop into the key and “disruptive” for the financial sector in Europe. We as Inicjatywa Mikro are committed, as well to constant innovation and to help our micro-entrepreneurs grow, irrespective of their industry or stage of growth. Leveraging the loan guarantee we are able to increase inclusion for our services and to offer our loans in a transparent and convenient way. We look forward to continue cooperation with EIF and believe in the successful rollout of our joint project."

Micro-enterprises wishing to apply for a micro-loan under EaSI can directly contact Inicjatywa Mikro branches in Poland.         

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 EU 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, which includes microcredit 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 loans of up to EUR 500,000. The microfinance and social entrepreneurship support will be first implemented through the EaSI Guarantee, which will enable financial intermediaries to reach out to (potential) micro-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

About Inicjatywa Mikro

Inicjatywa Mikro (PL) is the loan fund based in Poland since 1996 as a part of the microfinance holding NOA Holding (NL) with the mission to offer financial services and loans for underserved and excluded by polish financial sector, micro-entrepreneurs. Since erection IM has granted over 20 000 microloans in amount beyond 350.0 mln PLN. IM by providing wide and innovative range of various financing solutions and as well affiliated financial products, helps Clients establish and grow their own businesses while considering their situation from a perspective that differs from the bank schemes. IM is analyzing the credit rating of each Client and the specific nature of his business on an individual basis which allows to finance the gap in working capital, liquidity request, start-up and long term investments, stocktaking or disruptions in the receivables flow and as well financing ideas to incentivize return from childe care leave or unemployment. Since 2011 IM is partnering EIF in utilization of different EU Commission sponsored projects, which cooperation has turned on 1st of Dec. 2015 into signing the agreement under EaSI Program umbrella covering 45 mln EUR portfolio guarantee and supporting over 6000 entrepreneurs which lacks the collateral schemes since applying for any type of finance facilities improving their financial inclusion. Small business for us means people not schemes.

Press contact:

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

Inicjatywa Mikro: Paulina Londo, tel: +48 507 050 686 , e-mail: plondo@inicjatywamikro.pl

EU Commission: Christian Wigand, tel. +32 2 296 22 53, tel. +32 2 298 67 64 e-mail: tove.ernst@ec.europa.eu 

 

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