Press Release: First of new EU microfinance projects gets off the ground in The Netherlands

Access to credit is a major concern for many EU companies, in particular for Small and Medium Entreprises (SMEs) and for entrepreneurs who want to start their own business or get new projects off the ground. Without financing, companies and entrepreneurs can lose out on important employment opportunities. This has become even more worrying in the current economic context. That is why the European Commission has today, jointly with the European Investment Fund (EIF), launched the first EU microfinance project in the Netherlands. This EU-wide initiative will allocate various European funds to the Dutch Microfinance Institution Qredits to facilitate loans of over EUR 20 million to small businesses and people in the Netherlands who have lost their jobs and want to set up their own company. As part of the EU's Europe 2020 strategy for smart, sustainable and inclusive growth, the EU Microfinance Facility is one of the concrete actions taken at European level to address the consequences of the crisis.

European Commission: Speech/11/95: Mr. László Andor, EU Commissioner responsible for Employment, Social Affairs and Inclusion, "First of new EU microfinance projects gets off the ground", Signing ceremony with Qredits, The Hague, 11 February 2011 http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/11/95&format=HTML&aged=0&language=EN&guiLanguage=en

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