Il EIF (European Investment Fund, which is part of the EIB group) entered into an agreement with the cooperative credit bank EmilBanca for the granting of limited loans to micro-enterprises in the provinces of Bologna, Modena and Ferrara, in particular those affected by last year's earthquake, both in the start-up and expansion phases who have difficulty accessing credit.
As a result of this agreement the EIF will grant a Emil Bank a loan of two million euros to allow this institute to activate credit lines for a total amount of three million euros to micro-enterprises based in one of those three provinces. With this sum, EmilBanca expects to be able to accept over 150 loan requests, each of which must be less than 25.000 euros. From these numbers, an average amount of less than 20.000 euros can be assumed.
the operation, the third in order of time in Italy, was made possible by the intervention of Progress Microfinance, an instrument set up three years ago and financed by the European Commission and the EIB. Progress Microfinance provides guarantees and financing to intermediaries operating in the microfinance sector. That is, private or public banks, non-bank microfinance institutions, non-profit microcredit providers, based in a member country of the European Union.
The amount, duration, interest rate, commissions and time necessary to obtain a loan guaranteed by Progress Microfinance are established by the lender, in this case by EmilBanca. To which the requests of the micro-enterprises of Bologna, Modena and Ferrara should be addressed.
More generally, interventions guaranteed by Progress Microfinance they are intended for those who want to start their own business or set up or develop a micro-enterprise, particularly in the social economy sector. And also to those who are unemployed, have remained out of the job market for a certain period or anyone who has encountered difficulties in obtaining traditional financing (women, young people, the elderly, the disabled or those belonging to a minority).
