The European Union is launching a microfinance programme that will provide some 45,000 loans over the coming eight years to unemployed people starting their own business. EU social affairs ministers, meeting in the Belgian capital Brussels, have just approved the plan.
The maximum amount available under the programme is 25,000 euro, and will initially be drawn from a 100 million euro fund. The European Commission will publish details on the criteria and application procedure in June. The programme is part of the EU's response to the economic and credit crisis.
The funds will be available for unemployed people who are unable to qualify for bank loans, and for small businesses with less than ten employees. Training and coaching will also be available for recipients.
Radio Netherlands Worldwide has a special dossier on microfinance.
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The European Commission will publish details on the criteria and application procedure in June. The programme is part of the EU's response to the economic and credit crisis. prescription drugs
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