CREDIT Unions will now
be allowed to advance up to €25,000 to small local
enterprises as a result of an initiative spearheaded
by North West MEP Marian Harkin.
Ms Harkin secured an amendment of a European
Commission micro-finance proposal to include credit
unions across the EU, in a new measure to assist
small business. The move means credit unions can now
extend up to €25,000 to small businesses employing
less than 10 people with annual turnover not
exceeding €2 million annually. Ms Harkin said: “I am
particularly pleased that my proposal to include
credit unions in this new micro-finance measure, was
accepted and that they will be available to small
entrepreneurs who are having difficulty in accessing
the necessary finance to develop their business.
“These loans will be targeted at those who are not
currently in a position to access credit from banks
or other financial institutions.
"Their availability will be important to those who
have lost their jobs and to those facing social
exclusion and who will now have available a source
of funding to enable them to engage in new
enterprise." |
