Under the European Progress Microfinance Facility for Employment and Social Inclusion (“EPMF”), EIF provides intermediaries authorised to provide microfinance instruments (such as
financial institutions, microfinance institutions, guarantee institutions, ”Intermediaries”)
capped guarantees partially covering portfolios of micro-credits to micro-enterprises and self-employed persons or of guarantees on microcredits (so-called
“Microcredit Guarantees”).
The objectives of EPMF are:
- to increase access to, and availability of, microfinance especially for certain at-risk groups, such as: unemployed persons, persons at risk of unemployment or social exclusion; vulnerable persons in a disadvantaged position regarding access to the conventional credit market;
- to promote equal opportunities for women and men;
- to support the development of entrepreneurship activities and micro-enterprises, especially in the social economy, which employ persons
belonging to at-risk groups listed above.
In this framework EPMF provides:
covering portfolios of micro-credits to encourage Intermediaries to provide financing to micro-enterprises, including self-employed persons
covering portfolios of guarantees on micro-credits to encourage Intermediaries to provide further coverage on portfolio of financing to micro-enterprises, including self-employed persons.
Who can apply to become an Intermediary?
Institutions wishing to build up a portfolio of micro-financing or of guarantees on micro-financing and interested in applying to benefit from Microcredit Guarantees must be established and operating on national, regional or local levels in the EU Member States and providing micro-financing to persons and micro-enterprises established in the EU-27 Member States.
Applications can be made until 31 December 2013 or any later date as a result of any subsequent prolongation, subject always to the availability of budgetary funds.
