EU unveils microfinance fund to tackle unemployment

The European Commission proposed on the 2 July 2009 to set up a new microfinance facility providing microcredit to small businesses and to people who have lost their jobs and want to start their own small businesses.

It will have an initial budget of €100 million, which could leverage more than €500 million in a joint initiative with international financial institutions, in particular the European Investment Bank (EIB) Group. The new facility is one of the actions announced in the Commission's communication: 'A Shared commitment for employment' in June 2009.

• Primary Source

European Commission: Press Release: IP/09/1070: €100 million EU micro-finance facility to help unemployed start small businesses http://ec.europa.eu/social/main.jsp?langId=en&catId=89&newsId=547&furtherNews=yes

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