Agreement reached between EU and a Belgian microcredit entity

The European Union and the Belgian microcredit organization MicroStart reached an agreement through which the European Investment Fund is to cover a loans portfolio of 15 million euros.

This announcement was made Thursday by the European Commissioner for Employment and Social Affairs, Marianne Thyssen.

The agreement will allow MicroStart to launch new types of loans, for greater amounts and longer terms.

“Thanks to these European funds guaranteeing a portfolio of 15 million euros, some 1,300 Belgian micro-entrepreneurs – and particularly those excluded from the general bank loan system – will be able to benefit from loans at preferential rates,” Commissioner Thyssen was content to say.

The head of MicroStart, Patrick Sapy, on his part welcomed the successful cooperation with the European Investment Fund, which has already made it possible for MicroStart to support the development of 2,000 micro-enterprises, creating 1,500 jobs.

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