Investment & Fund Management

In February 2011, the microStart initiative was launched in Brussels to provide microcredit to individuals excluded from traditional banking systems, particularly targeting those in urban areas with high unemployment rates. The program offers microloans ranging from €1,000 to €10,000 to help individuals create or develop independent professional activities. The pilot agency in Saint Gilles aims to serve approximately 400 new clients annually, with plans for a second agency in Schaerbeek.

The initiative is a collaboration between the European Investment Fund (EIF), Adie, and BNP Paribas Fortis, with the goal of stimulating the microfinance market and encouraging the establishment of microenterprises in Belgium. The EIF, through its agreement, supports the launch of microStart, which is structured as a social cooperative. Adie contributes its extensive experience in microcredit, having successfully issued over 93,000 microloans in France, which resulted in the creation of more than 93,000 jobs.

BNP Paribas Fortis provides essential funding, including a €1.3 million credit line for microcredit distribution, while the European Union contributes by covering part of the startup costs and offering a 75% guarantee on the microloans through the Progress Microfinance program. This initiative aims to enhance access to credit for micro-entrepreneurs, particularly those receiving social assistance, and to provide tailored support such as financial education and legal assistance to help them formalize their businesses.

The overarching goal of microStart is to achieve financial sustainability while serving the most disadvantaged populations, with plans for future expansion into Flanders and Wallonia following the pilot phase.