MicroBank and Women’s Institute Renew Collaboration Agreement to Promote Female Entrepreneurship
Madrid, Spain – MicroBank, the social bank of CaixaBank, has renewed its collaboration agreement with the Women’s Institute to facilitate the financing of business projects through microcredits. The agreement aims to promote self-employment and entrepreneurial activity among women, with a focus on equal opportunities between women and men.
New Line of Financing Established
The renewed agreement includes a new line of financing worth 1 million euros to support the creation or expansion of micro-enterprises, businesses of self-employed individuals, and self-employment projects. The microcredits will be available to self-employed professionals and micro-enterprises with fewer than ten employees and an annual turnover of less than two million euros. The maximum amount of the microcredits will be 30,000 euros.
Eligibility Criteria
To be eligible for the microcredits, applicants must have a business plan and a favourable feasibility report prepared by the collaborating entities of the Women’s Institute, such as the Chambers of Commerce and the Juana Millán School of Entrepreneurs.
MicroBank’s Commitment to Socially Responsible Banking
MicroBank is committed to detecting financing needs and promoting social impact through its activity. The bank has financed 144,473 projects with social impact in Spain worth 1,383 million euros in 2023, with a significant portion of these microcredits allocated to support entrepreneurs and micro-enterprises.
Rise in Female Entrepreneurship
Last year, a total of 5,723 women started a business with the help of MicroBank financing, representing a 60% increase compared to the previous year. In total, CaixaBank’s social bank granted loans to entrepreneurs worth 85.1 million euros, a 73% increase.
270 Active Collaborating Entities
The collaborating entities, numbering 270 throughout Spain, provide knowledge of the people who receive the loans, as well as providing advice and monitoring of the projects. These entities include all kinds of organizations with experience in economic and social assistance actions aimed at promoting the creation of micro-enterprises, fostering self-employment, and encouraging entrepreneurial activity.
The renewed agreement between MicroBank and the Women’s Institute is a significant step towards promoting female entrepreneurship and equal opportunities in Spain.