The European Investment Fund (EIF) and Banca Popolare Sant’Angelo (BPSA) have signed a microfinance guarantee agreement in Italy under the EU Programme for Employment and Social Innovation (EaSI). This new financing agreement was made possible by the European Fund for Strategic Investments (EFSI), the core of the Investment Plan for Europe.

This new guarantee agreement allows BPSA to provide €10 million in loans to 650 micro-entrepreneurs over the next 5 years in Italy. Micro-entrepreneurs will be able to benefit from loans at a reduced interest rate with lower collateral. Among the entrepreneurs, BPSA will primarily target women, young people and start-ups.

European Commissioner for Employment, Social Affairs, Skills and Labour Mobility, Marianne Thyssen, said: "Empowering people who face difficulties in accessing credit from traditional banking sources is one of our key priorities, both under the Juncker Plan and Programme for Employment and Social Innovation. The EUR 10 million of EU support will help hundreds of start-ups, women and young entrepreneurs in Italy to get access to finance and put their talent to work. This is how we will build a fairer and a more inclusive European Union."