The main impact of the recession is on people: the top challenge for the EU today must be to prevent high levels of unemployment, to boost job creation and pave the way for economic renewal, sustainable recovery and growth. The EU reacted rapidly to the crisis through the European Economic Recovery Plan which highlighted the need to counter the effects of the crisis on jobs.

This Facility shall provide Community resources to increase access to micro-credits for:

  • (a) persons who have lost or are at risk of losing their job and want to start their own micro-enterprise, including self-employment;
  • (b) disadvantaged persons, including the young, who want to start or further develop their own micro-enterprise, including self-employment;
  • (c) micro-enterprises in the social economy which employ persons who have lost their job or which employ disadvantaged persons, including the young.

The financial contribution from the Community budget for the Facility for the period from 1 January 2010 to 31 December 2013 shall be EUR 100 million.


Reference: Proposal for a Decision of the European Parliament and of the Council establishing a European Microfinance Facility for Employment and Social Inclusion (Progress Microfinance Facility){COM(2009)340 final, 2.7.2009