European Progress Microfinance Facility (EPMF)
The European Union (EU) has adopted a new financial instrument for micro-enterprises. It enables microfinance to be granted to those who cannot obtain credit from the conventional banking system.
ACT
Decision No 283/2010/EU of the European Parliament and of the Council of 25 March 2010 establishing a European Progress Microfinance Facility for employment and social inclusion.
SUMMARY
The new European Progress Microfinance * Facility (EPMF) aims to support the creation and development of small enterprises and self-employment in the European Union (EU).
This facility is aimed at persons encountering difficulties in accessing conventional credit. It applies to:
- the unemployed, persons at risk of losing their jobs, the non-working population, persons facing the threat of social exclusion and vulnerable persons;
- micro-enterprises *, especially those in the social economy or those which employ socially-excluded persons.
Finance is allocated to public and private microfinance providers from EU countries. The EPMF is implemented through:
- guarantees and risk-sharing instruments;
- equity instruments;
- debt instruments;
- support measures, such as communication activities, monitoring, control, audit and evaluating the implementation of the facility.
The EPMF budget is EUR 100 million for the period 2010-2013. It shall be implemented in close cooperation with the European Investment Bank (EIB), the European Investment Fund (EIF) and international financial institutions.
REFERENCES
| Act | Entry into force | Deadline for transposition in the Member States | Official Journal |
|---|---|---|---|
|
Decision 283/2010/EU |
8.4.2010 |
- |
OJ L 87 of 7.4.2010 |
See also
- The European Commission’s Directorate General for Employment, Social Affairs and Equal Opportunities webpage dedicated to the European Progress Microfinance Facility (EPMF)