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Credit union call from MEP
08.07.09
A call has been made to
the European Commission to ensure credit unions can
participate in the €500 million micro finance
initiative launched on July 2.
Marian Harkin MEP met EU Employment Commissioner
Vladimir Spidla during his recent visit to Ireland
to discuss the EU Globalisation Fund.
“In discussion it was indicated that a micro finance
facility was being planned which would help small
business, the unemployed, new start ups and young
people to access credit not available through the
current banking system.
“Workers who have lost their jobs and others who
cannot access credit from the conventional sources
will be assisted through this micro finance
initiative which will mean an initial budget of €100
million which is expected to leverage €500 million
in credit," said Ms Harkin. |
She said loans up to a
maximum of €25,000 could be provided.
“This will lead to the provision of loans under
€25,000 and I have asked the EU Commission to ensure
that the credit union structure can be used as one
channel of allocating these funds.
"The EU Commission has indicated that 99% of
start-ups in Europe are micro or small enterprises
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one third of these
involve people who are unemployed.
“This is a very exciting and hopeful initiative from
the EU and one of the best means of channelling the
funds at local level should be through the credit
union movement which services virtually every parish
in Ireland." |
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