European Commission and European Investment Fund mobilise €500 million for social and micro-entrepreneurs

To promote jobs and growth in Europe, social and micro-enterprises will soon have access to over €500 million of finance. This is the result of a new mandate agreement signed today between the European Commission and the European Investment Fund. Support will be made available under the European Programme for Employment and Social Innovation, which will provide a €96 million guarantee for the period 2014-2020 which is expected to mobilise over €500 million in loans. The programme targets individuals who wish to start or further develop their own social and micro-enterprises, in particular people who have difficulties in entering the job market or in accessing finance. Marianne Thyssen, Commissioner for Employment, Social Affairs, Skills and Labour Mobility, said: “With the support of our funding, tens of thousands of jobs will be created. By easing access to finance, new enterprises will be set up and existing ones will be scaled up. The programme we are launching today is a clear expression of the Commission’s firm commitment to create jobs and growth and improve social conditions.” A press release in EN, FR and DE is available.