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Tuesday, June 19, 2018

A Social Entrepreneurship guarantee agreement signed by the European Investment Fund (EIF) and Erste Group

Employment, Social Affairs,-,

News The European Investment Fund (EIF) and all seven Erste Group member banks have signed a deal to finance social organisations. 

The Social Entrepreneurship guarantee agreement allows Erste Group's network of local banks to provide a total of 50 million euro in loans to at least 500 social organisations over the next five years in Austria, Croatia, the Czech Republic, Hungary, Romania, Slovakia and Serbia.

With this new guarantee agreement, under the EU Programme for Employment and Social Innovation (EaSI), the European Commission aims at promoting inclusive entrepreneurship as part of the fight against social and financial exclusion.

Social entrepreneurs and non-profit organisations will be able to benefit from loans at a reduced interest rate and with lower collateral requirements under the EU supported programme. The Group will provide financing to a vast range of social enterprise sectors, targeting innovative, socially-oriented organisations active in the area of education, health, social services or employment of disadvantaged, marginalized, or vulnerable groups. 

Source :  Press room - European Commission




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