Investment & Fund Management

The European Investment Fund (EIF) and Millennium bcp signed a guarantee agreement to support micro-enterprises in Portugal under the EU Programme for Employment and Social Innovation (EaSI). This agreement, valued at EUR 18 million, aims to cover a loan portfolio for approximately 900 micro-borrowers, providing them with favorable conditions, including the absence of collateral requirements.

The EaSI Guarantee scheme, launched in June 2015, is designed to enhance access to microfinance for vulnerable groups seeking to establish or grow their businesses. The initiative is funded by the European Commission and managed by the EIF, which has a history of collaboration with Millennium bcp since 2012, resulting in numerous success stories in the microfinance sector in Portugal. The EIF anticipates that over 1,500 micro-entrepreneurs will benefit from this tailored support, which is crucial for fostering entrepreneurship and combating unemployment and poverty.

Millennium bcp's microcredit unit, established in 2005, focuses on supporting individuals such as the unemployed and young graduates, providing loans up to EUR 25,000 with terms extending to five years. This partnership not only enhances the visibility of microcredit but also strengthens the commitment to support entrepreneurial initiatives at the grassroots level, ultimately contributing to job creation and inclusive economic growth in Portugal.