The European Investment Bank has signed two agreements with Finnish bank Oma Säästöpankki Oyj in order to provide social and micro-entrepreneurs with better access to finance. A microfinance guarantee agreement will provide €40 million worth of loans to 2,600 Finnish micro-entrepreneurs, while a social entrepreneurship agreement will support around 100 social enterprises, primarily cooperatives, with €10 million worth of loans...
These new agreements were made possible by the European Fund for Strategic Investments (EFSI), the core of the Investment Plan for Europe, and EaSI, the European Programme for Employment and Social Innovation. Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness said:"With these new agreements, thousands of Finnish entrepreneurs will get better access to the funding they need to turn their ideas into concrete projects. This shows again that the Investment Plan is not only delivering on its commitment to create jobs and growth in the EU, but is also actively promoting social fairness and equal opportunities." Marianne Thyssen, Commissioner for Employment, Social Affairs, Skills and Labour Mobility, said: "Thanks to EU support, we will make €40 million available to support about 2,600 micro-enterprises in Finland. The European Commission is fully committed to boosting employment in Europe and getting more people into jobs, including the most vulnerable people in the labour market." In October 2018, the Juncker Plan already mobilised €344.4 billion of additional investments in Europe, including €7.2 billion in Finland, with 793,000 small and medium businesses set to benefit from improved access to finance. A press release is available here.