Investment & Fund Management
The European Investment
Full Credential Description
The European Investment Fund (EIF) and Colonya Caixa d’Estalvis de Pollença (Colonya) entered into a guarantee agreement to support micro-enterprises and self-employed entrepreneurs in Spain, specifically targeting the Balearic Islands. This initiative, part of the European Progress Microfinance Facility, aims to address the challenges faced by micro-entrepreneurs, particularly in a tightening credit environment and a difficult employment market.
Under this agreement, Colonya will provide up to EUR 4 million in microloans, focusing on aiding over 450 micro-enterprises, including self-employed individuals and those who were previously unemployed and are now starting their own businesses. The tailored solution is designed to enhance access to finance for these entrepreneurs, thereby fostering job creation and economic growth in the region.
The EIF's Director, Marc Schublin, highlighted the significance of this agreement, noting its potential to create and sustain jobs in the local economy. Joseph Cifre, President of Colonya, emphasized the bank's commitment to combating youth unemployment and supporting minority groups through this initiative. The transaction represents a strategic response to the economic challenges faced by micro-entrepreneurs, ultimately contributing to social and economic progress in the Balearic Islands.