Investment & Fund Management
The European Investment
Full Credential Description
The European Investment Fund (EIF) established a JEREMIE Holding Fund in Sicily, amounting to EUR 15 million, aimed specifically at supporting micro-enterprises in the region. The primary challenges faced by these businesses included limited access to finance and a need for social improvement and inclusion. The fund was designed to address these issues by providing financial support through microcredit schemes and social microfinance products, thereby promoting entrepreneurship and self-employment opportunities.
The tailored solution involved creating partnerships with selected financial institutions to effectively channel resources into social sector initiatives. This innovative approach allowed for a revolving fund mechanism, which ensures that the financial resources can be reused to support even more entrepreneurs over time, rather than providing one-time grants. The agreement marked Sicily as a pioneering region in Europe for reinvesting resources from the European Social Fund into JEREMIE, setting a precedent for other Italian regions.
As a result of this initiative, the JEREMIE Holding Fund is expected to significantly enhance the entrepreneurial landscape in Sicily, with the potential to increase the fund's capacity to EUR 30 million through additional external investments. This initiative not only aims to improve the economic conditions for small businesses but also to foster long-term growth and employment in the region, contributing to the overall objectives of the EIF in supporting SMEs across Europe.