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A €8 million loan agreement has been signed with the Romanian Microfinance Institution Patria Credit as part of the European Progress Microfinance Facility.
Many micro-entrepreneurs and agricultural producers, in particular in rural areas and smaller cities in Romania, face difficulties in accessing credit from traditional banking sources. The agreement will provide microloans of up to €25,000 to support over 2,000 micro-enterprises in Romania. It is the fifth operation and largest loan under the European Progress Microfinance Facility (Progress Microfinance).
Progress Microfinance has a budget of €200 million of funding from the European Commission and the European Investment Bank. It aims to help those who have difficulty accessing credit in particular micro-entrepreneurs and the self-employed. Examples include female entrepreneurs, young entrepreneurs, entrepreneurs belonging to a minority group, entrepreneurs with a disability, sole traders, etc.
Progress Microfinance does not provide direct financing to micro-entrepreneurs or individuals, but it will work through microfinance providers, such as Patria Credit in Romania.