Report: Implementation of the European Progress Microfinance Facility – 2012
According to the third annual report “Implementation of the European Progress Microfinance Facility”, more than 6000 entrepreneurs have benefitted from loans worth a total of close to €50 million under the European Progress Microfinance Facility.
The report confirms that Progress Microfinance has significantly contributed to job creation, helping a high percentage of people who were previously unemployed or inactive into employment.
In particular, microfinance facilitates self-employment and entrepreneurship among groups who typically have more difficulties to raise money, such as young people and minorities.
The report indicates that almost one third of final beneficiaries said they were unemployed or inactive when they applied. Almost 80% of the micro-companies supported are start-ups operating for less than three years.
Agriculture and trade remain the two sectors receiving most support from the Facility, accounting for more than a half of all supported enterprises.
Training and mentoring also plays an important role in boosting entrepreneurship, in addition to access to finance.
[ http://ec.europa.eu/social/BlobServlet?docId=10430&langId=en ]Annual report 2012 on the implementation of Progress Microfinance
[ http://ec.europa.eu/social/main.jsp?catId=836&langId=en ]Progress Microfinance and [ http://ec.europa.eu/social/main.jsp?catId=983&langId=en ]List of microfinance providers