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More than 6000 entrepreneurs have already benefitted from loans worth a total of close to €50 million under the European Progress Microfinance Facility, according to the third annual report on this EU instrument.
The European Commission is launching a market testing exercise to find out if a call for the selection of a fund manager for the financial instruments in the area of microfinance to be established under the Programme for Employment and Social Innovation (EaSI) would meet interest and qualified response.
The European Parliament and the Council reached a political agreement on the EU programme for Employment and Social Innovation (EaSI) with a proposed budget of €815 million for the 2014-20 period.
Banca di Credito Cooperativo Mediocrati (BCCM) is joining the group of microcredit providers under Progress Microfinance with a senior loan of up to EUR 4,5 million aimed at supporting micro-enterprises and self-employed entrepreneurs in the Calabria Region.
The European Progress Microfinance Facility has proved to be a successful tool to create jobs, particularly amongst groups with difficulties to raise finance from more traditional sources, by helping start-ups by micro-entrepreneurs, according to the second annual report on its implementation.
IMF Créa-sol (Institut de Microfinance Créa-sol) is joining the group of microcredit providers under Progress Microfinance with a senior loan agreement of up EUR 1 million, which is expected to generate, thanks to the leverage effect, at least EUR 1 million in microloans, if fully utilised.
Instituto de Crédito y Finanzas Región de Murcia (ICREF) is joining the group of microcredit providers under Progress Microfinance with a senior loan of up to EUR 8 million which is expected generate, thanks to the leverage effect, up to EUR 20 million in microloans, if fully utilised.
Inicjatywa Mikro is joining the group of Polish microcredit providers under Progress Microfinance with a senior loan of up to EUR 4 million aimed at supporting the self-employed, in particular of the agricultural sector based in the South of Poland.
The European Commission has adopted a legislative package for cohesion policy for the period from 2014 until 2020. It is designed to boost growth and jobs across Europe by targeting EU investment on Europe's Growth and Jobs Agenda (Europe 2020 strategy).