Support to micro-entrepreneurs in Italy
Italy is the EU country with the largest number of self-employed people (2.2 million) but also the highest estimated financing gap for microfinance, with an unmet demand estimated at around €2 billion per year.
To improve access of Italian micro-entrepreneurs to financing, the CEB partners with microfinance institutions such as PerMicro, which operates throughout Italy and puts a strong emphasis on social inclusion. In 2023, the CEB approved a €12 million loan in favour of PerMicro, its fourth operation with the institution. PerMicro is on-lending the funds to micro-entrepreneurs, with a focus on gender equality: at least 25% of the CEB funds must be allocated to women entrepreneurs.
Donor support has been key for this project. The loan is guaranteed jointly by the Social Impact Account, a CEB trust fund and the InvestEU Fund, an instrument of the European Union. Without such guarantee, PerMicro would not have been eligible to a CEB loan.
Social Impact Account
The Social Impact Account (SIA) is used to support highly social projects. It is financed mainly by contributions from the CEB member states, through allocations from the Bank’s annual profit, which amount to €122 million since its creation in 1996. To date, the Account has financed €16 million in grant contributions and €5 million in technical assistance grants. The SIA has also subsidised €2.1 billion and guaranteed €67 million in CEB loans respectively.
©CEB 2024
In this section
- Housing in Ukraine
- Earthquake preparedness in Türkiye
- Social housing in the Republic of Moldova
- Bolstering Türkiye’s healthcare infrastructure
- Digital training courses in Albania
- Integration of Roma
- Inclusion of migrants across Europe
- Sustainable procurement in the Balkans
- Reconciliation in Bosnia and Herzegovina
- Women entrepreneurs in Bosnia and Herzegovina
- Micro-entrepreneurs in Bulgaria
- A regional hospital in the Republic of Moldova
- Social housing in Montenegro
- Strengthening paediatric care in Ukraine