Report on European Micro-funding Progress
23rd July 2012On 17th July 2012 the European Commission published the second annual report on the use of the European micro-funding tool, Progress. This report reveals the effectiveness of the tool to create jobs, notably with regard to micro-businesses, whose creators struggle to find funding from more traditional sources. 20 micro-funding organisations provide some 170 million euros for a period of two to three years, thereby encouraging for example aid to groups "at risk" such as young people, who cannot meet the criteria for traditional loans. According to László Andor, the Commissioner for Employment this instrument has proved "to be important in terms of social investment, and we should retain it."
Read