On Thursday 22 December, the European Investment Fund (EIF) and the European Commission announced a new initiative to help micro-credit and social enterprise finance providers develop their businesses under the EU Programme for Employment and Social Innovation (EaSI).
The new ‘EaSI Capacity Building Investments Window' will reinforce the capacity of selected financial intermediaries in the areas of micro-finance and social enterprise finance. Through equity investments (such as seed financing, risk capital), the EIF will support the development of finance providers, for instance by opening a new branch, investing in human resources, developing a new IT tool or financing certain expenses. Ultimately, these investments will help increase the offer and opportunities for micro-borrowers and social enterprises.
The European Commission's Programme for Employment and Social Innovation (EaSI) is a European financing instrument that aims at promoting a high level of sustainable and quality jobs supporting, adequate social protection, fighting against social exclusion and poverty and improving working conditions. EaSI is directly managed by the Commission and brings together three EU programmes managed separately between 2007-13: PROGRESS, EURES and the micro-financing instrument, Progress. The total budget for 2014-2020 stands at €919.5 million (2013 prices). (Original version in French by Lionel Changeur)