July 07, 2009

New microfinance fund for unemployed entrepreneurs


As of next year, the newly unemployed or workers at risk of redundancy will be able to avail of a fresh new start courtesy of up to EUR25,000 in seed corn loans and credit guarantees towards starting their own businesses. This follows a 2 July announcement of a joint European Commission - European Investment Bank (EIB) 'Progress Microfinance Facility'.

The scheme, which will operate on a pan-European basis without national allocations, will be especially targeted at young people and will also include support measures such as mentoring, training, coaching and business plan development. An initial EUR100 million is to be made available over a four-year period and this is expected, in turn, to be used to leverage a further EUR500 million worth of credit as well as creating a significant employment multiplier effect.

The funding, reallocated from elsewhere within the EU Budget, is to be dispersed through banks and non-profit trusts in partnership with the EIB which has been attempting to extend lines of credit to various hard-hit industries and energy efficiency and research and development initiatives since the credit crisis began.

Link

Posted by iroronan at July 7, 2009 01:00 PM

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