EIF does not provide direct financing to micro-entrepreneurs, micro-businesses or individuals. As a (future) entrepreneur or an enterprise with fewer than 10 employees looking for a micro-credit (maximum loan amount below EUR 25,000), you should contact the participating financial intermediary selected by the EIF in your country/region. The financial intermediary will provide information on specific application requirements and procedures in each local market. Over the lifetime of the facility, Progress Microfinance will target all EU-27 Member States.
Eligible intermediaries are any public and private institutions that provide microfinance loans and/or guarantees to individuals or micro-enterprises established in the EU Member States. Eligible intermediaries include financial institutions, microfinance institutions, guarantee institutions, or any other entity authorised to provide microfinance instruments in the EU Member States such as development institutions.
Progress Microfinance offers two product lines to eligible intermediaries to enhance their capacity to provide micro-credits and guarantees on micro-credits:
EIF will select intermediaries after carrying out a detailed due diligence based on established selection criteria including financial standing, financing capacity, operational capabilities, and expected impact (e.g. volumes and geographical reach). Following approval by EIF, contractual arrangements will be set up with the selected intermediaries.
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