Case Study (ESF Microcredit Fund Campania)

Description

The Campania region launched the Microcredit Fund at the end of 2011, with EUR 100 million of resources committed from the European Social Fund (ESF) regional operational programme (OP). The fund addresses four objectives of the ESF OP under the adaptability, employability and social inclusion priorities. It improves access to finance for young people, the unemployed, women, migrants, and disadvantaged individuals, by providing loans of between EUR 5 000 and EUR 25 000, with 0% interest and no guarantee required.
The results already reflect the effort that the regional administration has made to establish, promote and implement the financial instrument. The first call ended 19 December 2012 and had 5,283 applications that requested a total of EUR 119 million. Another EUR 164 million was requested by 6,835 applicants as part of the second call, which ended 16 January 2014. This success was achieved with a solid communication strategy across all 551 municipalities in the region. Participation was particularly high among young people (under 35 years old) and women. The undertakings that submitted applications were mainly sole traders and microenterprises that often requested funding for the purchase of machinery or equipment.

Country
Italy
Source
fi-compass
Responsibility
EIB