On 10th November 2015, the Employment committee of the European Parliament adopted with a large consensus a report on the implementation of the European Progress Microfinance facility. Commenting the decision, the report author Sven Schulze, a German member of the European People’s Party, said: “The instrument works as a whole, but unfortunately sufficient funding is not always guaranteed. The European Commission must therefore find a solution quickly in order to make Progress Microfinance even better in the future." The instrument is working effectively but it needs some improvements to reach higher results. As the Employment committee added, the grant of money should be combined with other supporting actions, such as the assistance to create effective business plans and with bookeeping.
The programme is funded by the EU and the European Investment Bank and has the objective to increase the availability of loans - below € 25.000 - to start or develop small business. The mechanism is based on giving a total guarantee of € 200 millions to banks and financial institutions so as to obtain more loans and better conditions for borrowers.
The programme is funded by the EU and the European Investment Bank and has the objective to increase the availability of loans - below € 25.000 - to start or develop small business. The mechanism is based on giving a total guarantee of € 200 millions to banks and financial institutions so as to obtain more loans and better conditions for borrowers.
