MicroBank allocates more than 570 million to social projects this first semester

MicroBank closed the first half of 2022 with 570.5 million euros dedicated to financing projects that generate a positive social impact, which represents an increase of 22% compared to the same period of the previous year. "We have been working for 15 years to promote financial inclusion and, in a context of economic uncertainty like the current one, we strive even harder, if possible, to foster equal opportunities," defends the president of MicroBank, Juan Carlos Gallego.

Until June, microcredits aimed at businesses have benefited a total of 7,334 entrepreneurs and micro-enterprises. In this regard, CaixaBank's social bank has allocated 96.3 million euros with the aim of contributing to the recovery of the business fabric. The average amount of microcredits to businesses stood at 13,136 euros, compared to the 12,660 euros received in the first half of 2021.

Companies are not the only beneficiaries of the entity's microcredits. Families are another pillar for the social bank, with the aim of helping them cover their basic needs. This group has received 45,635 microcredits, with an amount that has risen to 351.7 million euros. The upward trend is understood, in part, by the recovery of family consumption after the pandemic. The average amount of microcredits to families stood at 7,708 euros, compared to 5,845 euros in the first six months of last year.

Finally, MicroBank's contribution is also directed to social economy, education, and innovation projects, among other areas of action. In this case, financing represented a global value of 122.4 million euros, a growth of 7.6% compared to the same period in 2021. In total, 2,801 initiatives throughout Spain have benefited.

From entrepreneurs and micro-enterprises to families and social economy companies, MicroBank responds to different segments of the population whose financial needs are not sufficiently covered. To finance these more vulnerable groups, CaixaBank's social bank relies on the collaboration of 270 entities, dedicated to advising beneficiaries and monitoring their projects. Likewise, the entity has the support of European institutions dedicated to promoting entrepreneurship and microfinance, such as the European Investment Fund (EIF), the Council of Europe Development Bank (CEB) and the European Investment Bank (EIB).