Press Release: Employment: Progress Microfinance loans worth €182 million given to over 20,000 entrepreneurs for start-ups and expansion

More than 20,000 entrepreneurs had already benefited from loans and guarantees worth a total of €182 million under the European Progress Microfinance Facility, according to the European Commission report about the implementation of this financial instrument from 20 October 2014. In particular, the report found that Progress Microfinance had significantly contributed to job creation, by enabling credit for unemployed or inactive people struggling to borrow money from financial institutions. The new microfinance financial instrument set to begin in the second half of 2014 under the Programme for Employment and Social Innovation (EaSI) will build on this experience.

Difficulties in accessing finance represented one of the main barriers for aspiring entrepreneurs. The report indicated that 60% of final users were unemployed or inactive when they applied, 36% of recipients were women and 5.9% were under the age of 25.

• Primary Source

ESO: Background Information: Memo: Employment and social inclusion: Commission, welcomes agreement on new programme for Employment and Social Innovation (EaSI) http://www.europeansources.info/record/memo-employment-and-social-inclusion-commission-welcomes-agreement-on-new-programme-for-employment-and-social-innovation-easi/

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