Eastern Europe: EIF, ZABA Cooperate in Financing Micro-Enterprises
Eastern Europe, September, 05 2014 -
The European Investment Fund (EIF) and Zagrebacka Banka (ZABA) have signed a contract on a guarantee for microfinance based on which ZABA will facilitate access to financing for micro-enterprises, ZABA said on Friday.
The money will come from the European Progress Microfinance Facility programme, for which funds are provided by the European Commission and managed by the EIF.
The programme, launched in 2010, offers banks guarantees and financial instruments for microfinance totalling EUR 205 million.
It is aimed at facilitating access to financing for micro-enterprises, notably those with limited access to conventional loans such as women entrepreneurs, young entrepreneurs, minority entrepreneurs, disabled entrepreneurs etc.
The banks selected to participate in the programme issue loans of up to EUR 25,000.
So far, more than EUR 130 million has been contracted through the programme for entrepreneurs in Austria, Belgium, Bulgaria, Cyprus, Denmark, France, Greece, Ireland, Italy, Lithuania, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Sweden, the Netherlands and the UK.