European Investment Fund Signs Agreement with Microfinance Ireland

The European Investment Fund (EIF) has signed a second agreement with Microfinance Ireland (MFI) to support 2,100 micro-entrepreneurs under the European Commission’s EU Programme for Employment and Social Innovation (EaSI), after the first one signed in 2015.

As a result of the EU support, the EaSI guarantee provided by the EIF will enable MFI to provide an additional €30 million in loans to micro-borrowers including migrants and entrepreneurs over the next five years.

European Commissioner for Employment, Social Affairs, Skills and Labour Mobility, Marianne Thyssen, said: “Thanks to this new financial boost of €30 million from the EU, more than 2000 micro-entrepreneurs will get financial support to start up or develop their business. Considering that Microfinance Ireland already created 4,000 jobs through loans to small businesses, we can safely say that these loans are an excellent means to boost jobs and growth, whereby the most vulnerable people in the labour market are not left behind.”

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