Spain: EIB And MicroBank To Provide €200M In Financing For Microenterprises And Self-employed

With the loan signed with the EIB, which is guaranteed by CaixaBank, MicroBank will make a total of €200 million in microloans available to this business segment thanks to its additional contribution of €100 million.

In a new development, the beneficiaries of MicroBank’s microloans will have access to the digital platform ‘MicroBank Academy’, which aims to provide training and skills improvement opportunities for entrepreneurs through a series of courses to boost their digital and business skills.

This is the fourth operation between MicroBank and the EIB in support of microenterprises and self-employed individuals in Spain, a segment that often struggles to access traditional bank financing. The previous transactions totalled €220 million, and have so far enabled nearly 24 000 small businesses and self-employed people to get finance. Many of the beneficiaries have created startups with the help of this initiative, boosting innovation and competitiveness in Spanish industry.

One of the main goals is to create employment. According to studies by MicroBank, its support for entrepreneurs helped to create 28 521 direct jobs in Spain in 2023. It focused on those likely to face greater obstacles, such as young entrepreneurs in need of liquidity amid tightening financing conditions. Many self-employment ventures are expected to grow with the support of the EIB and MicroBank, resulting in the creation of new jobs.

Some of the investments under these projects are also expected to be made in regions of Spain that the European Union classifies as less developed, where per capita income is below 75% of the EU average. The agreement will therefore help to strengthen the economic, social and territorial cohesion of the European Union, one of the EIB’s cross-cutting objectives.

The transaction comes under the EIB’s activities aimed at financing SMEs and mid-caps, in line with EU priorities such as increasing the competitiveness of EU industry.