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A first Italian microcredit provider under Progress Microfinance

20/07/2012 A first Italian microcredit provider under Progress Microfinance

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.

Its aim is to support disadvantaged groups such as ethnic minorities, female and young self-employed entrepreneurs, thus contributing to employment creation and conservation, entrepreneurship and local development in Southern Italy.

The European Progress Microfinance Facility (Progress Microfinance) is an EU microfinance initiative established with EUR 200 million of funding from the European Commission and the European Investment Bank and managed by the European Investment Fund.

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 of up to EUR 25,000 are made available through selected microfinance intermediaries participating in the facility.

Progress Microfinance does not provide direct financing to micro-entrepreneurs or individuals, but it works through microfinance providers, such as Banca di Credito Cooperativo Mediocrati (BCCM) in Italy.

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