EUR 3 m for Italian micro-enterprises in the Emilia Romagna Region as EIF and COFITER sign agreement under Progress Microfinance

The European Investment Fund (EIF) and  COFITER have signed an agreement under the Progress Microfinance initiative aimed at further supporting micro-enterprises, addressing in particular disadvantaged people who are often excluded from the banking system. Progress Microfinance is an initiative funded by the European Commission and the European Investment Bank (EIB) and managed by the EIF.

Thanks to the agreement with the EIF, COFITER will be able to expand its activity in support of SMEs, making EUR 3 million of micro-loans (loans below EUR 25 000) available to the benefit of over  200 micro-enterprises based in the Emilia Romagna region, in particular those managed by self-employed workers, young people, women and immigrants. COFITER will also offer consulting and training services to entrepreneurs maximizing the social impact of the operation.

COFITER is the first ‘confidi’ (mutual guarantee institution) in Italy to benefit from the initiative.
Micro-enterprises wishing to apply for a micro-loan under Progress Microfinance can contact COFITER directly to find out more about eligibility requirements and conditions.

About the European Progress Microfinance Facility

The European Progress Microfinance Facility (Progress Microfinance) provides guarantees and funded instruments to microfinance intermediaries. The initiative is established with EUR 205 million of funding from the European Commission and the European Investment Bank. Progress Microfinance aims to increase access to finance for micro-entrepreneurs, including the self-employed. It has a particular focus on, but is not restricted to, groups with limited access to the conventional credit market. Examples include female entrepreneurs, young entrepreneurs, entrepreneurs belonging to a minority group, entrepreneurs with a disability, sole traders etc. Loans less than EUR 25,000 are made available through selected intermediaries participating in the facility. Progress Microfinance does not provide direct financing to micro-entrepreneurs or individuals. Cofiter marks the 54^th transaction signed under Progress Microfinance since its inception in 2010. To date, commitments of over EUR 130 million under Progress Microfinance have been signed to benefit EU micro-borrowers. Countries where agreements have been signed to date include Austria, Belgium, Bulgaria, Cyprus, Denmark, France, Greece, Ireland, Italy, Lithuania, Poland, Portugal, Romania, Slovenia, Spain, The Netherlands and the UK. For further information about this initiative please visit: www.ec.europa.eu/epmf

About EIF

The European Investment Fund's (EIF) 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 7.9bn at end 2013. With investments in over 435 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 5.6bn in over 300 operations at end 2013, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.

About COFITER  

COFITER is one of the leading Italian mutual guarantee institutions, listed in the Italian financial intermediaries register.
Though its traditional guarantee activity, COFITER enables its customers to get access to finance made available by the banking system. Through micro-credit, in line with its mission, COFITER aims at promoting the development of entrepreneurial activities enabling the creation of income and employment.

Press contacts: 

• COFITER: Barbara Arbizzani, tel (+39) 051 0956616; barbara.arbizzani@cofiter.it
• EIF: Emanuela Schiavoni, e.schiavoni@eif.org