First Progress Microfinance agreement with internet lender Ezbob and the EIF

The European Investment Fund (EIF) and EZBOB today signed a guarantee agreement aimed at supporting over 1,000 micro-enterprises in the UK.

This agreement with the first internet microfinance lender under Progress Microfinance will allow EZBOB to provide enhanced access to finance to micro-entrepreneurs, in particular to young entrepreneurs in the UK, many of whom face difficulties in accessing credit from traditional banking sources.

Progress Microfinance guarantees are funded by the European Commission and managed by the European Investment Fund.

Commenting on the transaction, Head of the Microfinance team, Per-Erik Eriksson said: “We are pleased to be signing the first internet microfinance contract under Progress Microfinance with EZBOB in the UK. I am convinced that this innovative financing platform will help to benefit micro-enterprises and contribute to the economic growth across the country”.