The European Commission has officially launched the EUR 100 million (USD 135 million) “European Progress Microfinance Facility,” which was approved by members of the European Council and European Parliament. EUR 40 million (USD 55.1 million) will come from unallocated margins in the European Union (EU) budget and EUR 60 million (USD 82.6 million) will come from the PROGRESS program, an EU program for employment and social solidarity with a total budget of EUR 743.25 million (USD 1.02 billion).
The facility will make loans of up to EUR 25,000 (USD 33,850) available to micro-enterprises and entrepreneurs in the EU who do not have access to traditional banking services.
By: Stefanie Rubin, Research Assistant
Source Article: The Malta Independent Online: “Microfinance Facility – Aiding Job Creation,” http://www.independent.com.mt/news.asp?newsitemid=101776
MICROCAPITAL BRIEF: European Parliament Reaches Deal on Sources of Funding for $139m Microfinance Facility: http://www.microcapital.org/microcapital-brief-european-parliament-reaches-deal-on-sources-of-funding-for-139m-microfinance-facility/
MICROCAPITAL BRIEF: European Commission Works on Plan to Provide $139m in Microloans to Unemployed Youth: http://www.microcapital.org/microcapital-brief-european-commission-works-on-plan-to-provide-139m-in-microloans-to-unemployed-youth/
European Commission: PROGRESS Programme: http://ec.europa.eu/social/main.jsp?catId=327