Progress Microfinance

Young worker repairing a cupboard in a workshop

What is Progress Microfinance?

The European Progress Microfinance Facility (Progress Microfinance), launched in 2010, increases the availability of microcredit – loans below € 25 000 – for setting up or developing a small business.

Progress Microfinance does not directly finance entrepreneurs, but enables selected microcredit providers in the EU to increase lending, by:

issuing guarantees, thereby sharing the providers' potential risk of loss
providing funding to increase microcredit lending.

The microcredit providers may be private or public banks, non-bank microfinance institutions and not-for-profit microcredit providers.

The conditions for microloans to entrepreneurs – amount, duration, interest rates and fees, timeframe to get a loan – depend on the particular microcredit provider.

Progress financing cannot be used to cover credit lines such as overdrafts or short-term revolving facilities.

Can I access Progress microfinance?

Yes if you:

want to become self-employed or set up/develop a microenterprise (fewer than ten employees), particularly a social enterprise
are unemployed
have taken time out of the labour market
have difficulty getting conventional credit (because you're: female, considered too young or too old, a member of a minority group, or you have a disability, etc.).

How can I apply?

Find out if there are already microcredit providers in your country. They can inform you about specific application requirements and procedures. You can send them your application for a microloan directly.

Other microfinance programmes

Progress Microfinance is supported by the European Commission and the European Investment Bank, and managed by the European Investment Fund.

Become a microcredit provider under Progress Microfinance