Examples of using Progress microfinance in English and their translations into Hungarian
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European Progress Microfinance.
Progress Microfinance is implemented by the EIF on behalf of the Commission and the EIB.
The funds canbe used more than once during the lifetime of the Progress Microfinance Facility.
European Progress Microfinance Facility(Progress Microfinance).
It will also provide initial indications of the impact and sustainability of Progress Microfinance.
People also translate
So far, no applications for financing under Progress Microfinance have been formally rejected.
It shows portraits ofentrepreneurs across Europe who have already benefited from the Progress Microfinance.
Qredits(NL) has a portfolio guaranteed by Progress Microfinance that finances start-ups.
Employment: Progress Microfinance loans worth €182 million given to over 20,000 entrepreneurs for start-ups and expansion.
In 2013, 25 new contracts were signed, including 15 with microcreditproviders who had not previously received Progress Microfinance support.
Microcredit providers supported by Progress Microfinance target a wide range of final beneficiaries.
Progress Microfinance also complements the ESF, for which supporting entrepreneurship is among the priorities for the 2007-13 programming period.
Out of the total of EUR 100 million available for Progress Microfinance, EUR 25 million will be allocated to the guarantees window.
Overview of Progress Microfinance operations as of 31 December 2013 The table below shows that some intermediaries receive both a guarantee and a loan.
With this target group, the new Programme would also avoidoverlaps with the European Progress Microfinance Facility(Progress Microfinance).
Although it is demand-driven, Progress Microfinance aims to achieve a balanced geographical distribution.
This means that the first transactions will be well balanced in terms of the types of intermediary targeted, which will also helpreach the broad range of microborrowers targeted by Progress Microfinance.
Finally, some Progress Microfinance intermediaries target particularly vulnerable groups, such as young people and women(ICREF(ES)).
By that date in 2011,only five microcredit providers had started lending under Progress Microfinance, but data on some aspects is only available from two microcredit providers.
As initial demand for Progress Microfinance guarantees fell behind expectations, the term of the guarantees was extended from three to six years.
The last three sections describe communication work undertaken by the Commission and the EIF,how Progress Microfinance complements other EU instruments and the outlook for further development.
Thanks to the Progress Microfinance guarantee, the Polish FM Bank serves newly created enterprises that have been operating for less than 12 months.
For this particular type of funding, it is difficult to leverage the original funding,as sometimes the intermediary simply on-lends the amount provided by Progress Microfinance.
Progress Microfinance guarantees microStart up to EUR 111 375 for a portfolio of microloans of EUR 2.7 million at a guarantee rate of 75% and a cap rate of 5.5%.
It should be noted, however, that these two instruments always cover different portfolios, i.e. a Progress Microfinance guarantee cannotbe used to cover microloans financed from a Progress Microfinance loan.
The Progress Microfinance leaflet provides a quick overview of the microfinance instrument, who can benefit from it and how people can apply for it.
To become an intermediary under Progress Microfinance, microcredit providers have to reply to the call for expressions of interest for the guarantees or submit applications directly to the EIF for the funded instruments9.
Since Progress Microfinance was established only recently, this report focuses on the key features of the instrument, the design of the products and the first stages of implementation.
To this end the Commission has launched the Progress Microfinance Facility22 and is working on encouraging the exchange of good practices inmicrofinance, promoting training and offering support for microfinance institutions, notably in the framework of JASMINE23, supporting the drafting of a code of good conduct24.
The Progress Microfinance leaflet gives an overview of the ways in which the initiative promotes employment and social inclusion in Europe and details how people can apply for microcredit.