Portal de Caravaca de la Cruz
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The agreement between the lender and the city of Caravaca de la Cruz facilitate lending to people excluded from traditional credit system and promote the creation of self-employment projects.
MicroBank inherited the experience of "la Caixa" for the past seven years, after which has become the largest financial institution in resources allocated to the promotion of microcredit to 114.3 million euros invested and more than 11,000 projects funded .
The bank specializes in providing microcredit to people with limited resources and disadvantaged groups is aimed at promoting productive activities, staff development and job creation.
Caravaca de la Cruz, June 13, 2008 .- The Mayor of Caravaca de la Cruz, Domingo Aranda, and the Area Director of "la Caixa", Alfonso Well, today signed a cooperation agreement to finance microcredit.
The agreement between the lender and the City will facilitate the lending of small amounts aimed at those with difficulty accessing traditional credit system.
It will support and encourage the development of innovative projects for people with entrepreneurial spirit.
The criteria for granting social microcredit by MicroBank serves mainly to confidence and viability of projects to finance, which require no collateral and guarantees needed to access credit from traditional financial system.
MicroBank, in operation since last year, is aimed at all people with limited economic resources and enterprises of the third sector, with the aim of promoting productive activities, personal development and job creation.
The bank has financed more than 11,000 projects from inception through its three divisions of funding.
Social Microcredit in an amount limit of 15,000 euros, focusing on the creation of productive activity, the Microcredit Finance in an amount limit of 25,000 euros, which support self-employment and micro-entrepreneurs, and Family Support, which facilitates access to funding for groups with limited resources.
The social character of microcredit is supported by the fact that over 73% of microentrepreneurs are women and more than 26% are immigrants, two sectors of the population with greater difficulties in accessing the labor market.
Each micro-credit granted by MicroBank also generates an average of 2.5 jobs per business undertaken.
The activities that predominate among businesses launched by the beneficiaries of MicroBank are trade (27.6%), business-messaging services, social care, cleaning ...- (25.2%) and hospitality ( 15.7%).
Agreements with over 300 social organizations
In granting microcredit intermediaries involved as social entities that support, advise and track projects.
To date, MicroBank has signed agreements with 302 social organizations in Spain, ensuring the viability of the projects financed.
The social partners are organizations of all kinds with experience in carrying out economic or social assistance aimed at enhancing small business development, promote self-employment and encourage entrepreneurship.
MicroBank is present in the main forums for microfinance in Spain and Europe, including the European Microfinance Network.
Source: Ayuntamiento de Caravaca de la Cruz
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