Ireland’s credit unions will be in a position to advance up to €25,000 to small enterprises as a result of an initiative by Marian Harkin MEP which was voted on in the European Parliament, today, Thursday, February 11th.

By securing an amendment of a European Commission micro finance proposal to include credit unions across the EU in a new measure to assist small business, Marian Harkin ensured that they could participate in the initiative which will be available to those employing less than 10 people with annual turnover not exceeding €2 million annually.

Welcoming the vote in favour of the measure, Marian Harkin MEP 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 necessary finance to develop their business.

“These loans will be targeted to 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”, Marian Harkin concluded.