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:
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.
Yes if you:
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.