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EAPN
The European Anti-Poverty Network
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Voices of Poverty

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EP |Micro-loans: helping people out of unemployment and poverty

About micro-loans

Disadvantaged groups, including the long-term unemployed, social welfare recipients, those living in deprived rural areas, migrants or ethnic minorities, often encounter difficulties in accessing conventional finance. Microfinance offers them the possibility to obtain very small loans not generally provided by banks in order to assist them to start or develop their own small businesses. In 2006 Muhammad Yunus and his Grameen Bank won the Nobel Peace Prize for offering such credit to the poorest in Bangladesh.

How the EU helps with micro-loans in Europe

In Europe the European Progress Microfinance Facility is funded by the EU and the European Investment Bank, aiming to improve the conditions under which borrowers can get loans. It also makes financing available for those who would not otherwise be able to obtain it.

The EU does not finance the entrepreneurs themselves but enables banks and non-bank financial institutions to grant more loans thanks to guarantees totalling €200 million.

This week’s Parliament vote
This Tuesday Parliament’s employment committee votes on a report on the implementation of the microfinance facility so far. Speaking this week, report author Sven Schulze, a German member of the EPP group, referred to microfinance as a “sustainable social policy” and noted the importance of offering other assistance in addition to loans, including help with creating business plans or with bookkeeping.

Schulz added: “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.”

Source: http://www.europarl.europa.eu/news/en/news-room/content/20151106STO01541/html/Micro-loans-helping-people-out-of-unemployment-and-poverty

November 12, 2015
Tags: employmentEU Parliament
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EAPN

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This website has been produced with the financial support of the European Commission, DG Employment, Social Affairs and Equal Opportunities. The views expressed herein can in no way be taken to reflect the official opinion of the European Commission.

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Designed by impactshaker
  • Who we are
    • What is EAPN?
    • Our members
    • Our structure
      • EAPN Europe Staff
      • Governing bodies
        • General Assembly (GA)
        • Executive Committee
        • Bureau
      • EU Inclusion Strategies Group
    • The way we are funded
    • Get involved
    • Contact us
  • What we do
    • How we work
    • Policy areas we focus on
      • Poverty & Fundamental Rights
      • Wealth & Inequalities
      • Employment
      • Access to Public Services
      • EU Funds
      • Participation of people experiencing poverty
      • Europe 2020 Strategy
      • The Future of Europe
    • Projects
    • Network Development
    • Campaigns & Alliances
      • Campaigns
      • Alliances & Structured dialogue
  • News & Publications
    • Press Room
      • EAPN Press releases
      • EAPN Clippings
      • National Networks Clippings
    • News
      • EAPN News
      • EAPN National Networks News
      • EU Institutions News
    • Publications
      • EAPN key documents
      • EAPN Position Papers & Reports
      • EAPN Policy toolkits & Briefings
      • EAPN Letters
      • EAPN Books
    • Upcoming Events
    • EAPN Photos & Videos
    • EU jargon explained
  • What is poverty ?
    • Introduction
    • Poverty : what is it?
    • How is poverty measured?
    • Facts & Trends
    • Inequality : what is it?
    • Causes of poverty and inequality
    • Sources of information
    • Voices from the ground
  • Members’ Room
EAPN