On 1st February 2011 EIF and PerMicro signed the first agreement under the European Parliament Preparatory Action (EPPA), the European Parliament EUR 4 million pilot programme put in place to foster the development of microfinance on a sustainable basis across the EU.
The signature marks EIF’s first direct equity investment into a non-bank Microfinance Institution (MFI). The EIF has invested EUR 1 million into PerMicro, and acquired 20.4% of their shares. PerMicro expects that this investment will attract further resources amounting up to a total of EUR 3 million which will be made available in support of micro-businesses and micro-entrepreneurs in Italy.With the resources made available by EIF, PerMicro will offer micro-loans of up to EUR 25.000 to micro-entrepreneurs starting-up or developing existing businesses, including self-employment.
The event took place in Milan with Richard Pelly, EIF’s Chief Executive of the EIF and Corrado Ferretti, PerMicro’s CEO, and Giuseppe Maresca from the Italian Ministry of Economics and Finance as keynote speakers.