Who is eligible?
Any public and private institutions providing microfinance loans and/or guarantees to self-employed individuals or micro-entreprise owners established in the 28 EU countries.
What are the benefits?
The opportunity to:
- increase loan volumes and attract new customers
- attract new investors from the private sector and make the shareholding structure more sustainable
- develop pilots and benefit from economies of scale
- adopt sustainable measures to promote employment.
What does it cost?
If applying for microcredit guarantees – no cost other than a potential commitment fee.
If applying for funded instruments – prices reflect market conditions and applicable reference rates, country and counterparty risk premium, competition, and expense coverage.
How to apply
To apply for microcredit guarantees (direct or counter-guarantees), reply to a call for expression of interest on the European Investment Fund website.
To apply for funded instruments (different forms of loans and equity investments) through a Special Investment Fund allowing microcredit providers to increase their lending activities towards (future) entrepreneurs, send an expression of interest to firstname.lastname@example.org at the European Investment Fund.
How are microcredit providers selected?
The European Investment Fund (EIF), which manages Progress Microfinance, considers:
- compliance of applicant institutions with standard banking requirements
- experience in microfinance
- financial standing
- financing capacity
- operational capabilities
- expected impact (e.g. volumes and geographical reach).