Funding Boost For Unemployed

22/07/2009 0:00:00

In a bid to help Europe's unemployed during the current economic downturn a microfinance system is being considered to encourage the start up of new small businesses.

If introduced the funding could not only help people out of unemployment but could bring much needed new business back into communities and regions hit hard by the financial situation.
 
The European Commission is proposing microfinancing to provide people who have lost their jobs with small loans to start their own businesses and help existing companies expand. Usually only employed in poor countries, the worst recession in decades has prompted the consideration of using it widespread across Europe.
 
Employment Commissioner Vladimir Spidla said: "We want to offer a new start to the unemployed through easier access to credit to set up or develop new business. And we want to help small businesses to develop further despite the crisis."
 
The loans would be tailored to businesses employing fewer than 10 people, they would be eligible for up to €25, 000 each.
 
If approved the microfinancing could be available next year.
 
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Last Updated: 22/07/2009 14:48:54 By Katherine Hitchcock