Microfinance Focus, January 13, 2012: European Investment Fund (EIF) and Inicjatywa Mikro have signed a PLN 17 million (EUR 4 million equivalent) loan agreement under European Progress Microfinance Facility to support micro-businesses and self-employed entrepreneurs in Poland.

Inicjatywa Mikro will be using this loan to support over 1,200 micro-businesses with a particular focus on supporting self-employed entrepreneurs in Southern Poland. This agreement will allow Inicjatywa Mikro to substantially increase its current micro-lending activity and to scale up this business.

This transaction was signed under the European Progress Microfinance Facility (Progress Microfinance), funded by the European Commission and the European Investment Bank and managed by the European Investment Fund.

The European Progress Microfinance Facility (Progress Microfinance) provides guarantees and funded instruments to microfinance intermediaries. The initiative is established with EUR 203 million of funding from the European Commission and the European Investment Bank.