The European Progress Microfinance Facility (Progress Microfinance) was launched in 2010 to increase the availability of microcredit – loans below € 25 000 – for setting up or developing a small business. Our support to microfinance is now being implemented through our EaSI programme.
The EaSI programme 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. In addition, the European Commission is providing support for building the capacity of selected microcredit providers.
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.
Can I benefit from a microloan?
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.