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€15 million of EU financing for micro-entrepreneurs in #Latvia under #JunckerPlan

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The European Investment Fund (EIF) and ALTUM, a state-owned development institution of Latvia, have signed a microfinance guarantee agreement under the EU Programme for Employment and Social Innovation (EaSI). Thanks to this agreement, micro-entrepreneurs will be able to benefit from loans at a reduced interest rate with lower collateral requirements under the EU supported programme. More specifically, this new EaSI guarantee agreement allows ALTUM to provide such loans to 600 micro-entrepreneurs over the next 3 years in all regions of Latvia. ALTUM will primarily target start-ups and businesses with small turnover. This new financing agreement was made possible by the European Fund for Strategic Investments (EFSI), the core of the Investment Plan for Europe. Employment, Social Affairs, Skills and Labour Mobility, Marianne Thyssen, said: "With the help of EU funding, ALTUM will improve access to finance for about 600 micro-enterprises in Latvia, many of whom face difficulties in accessing credit from traditional banking sources. This new EaSI guarantee agreement will allow micro-entrepreneurs to benefit from loans with favourable conditions. This shows again that the European Commission, through the EaSI programme, is fully committed to boosting employment in Europe and getting more people into jobs." The full press release can be found here.

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