MicroBank grants 32.1 million to projects that generate a positive social impact until June in the Canary Islands

Balance of the first semester of the year

Microcredits aimed at entrepreneurs and micro-enterprises to promote the start-up or expansion of businesses amount to 477 between January and June on the islands

Monday, August 1, 2022, 1:34 p.m.

MicroBank, CaixaBank's social bank, has granted 32.1 million euros to projects that generate a positive social impact in the Canary Islands in the first half of 2022, which represents an increase of 56.5% compared to the same period of the previous year . In Spain as a whole, the amount amounts to 570.5 million euros, 22% more.

Microcredits aimed at businesses, one of the strategic pillars of MicroBank's activity, benefited 477 entrepreneurs and micro-enterprises in the Canary Islands until June 2022. Thus, the entity allocated 5.7 million euros to support the creation or consolidation of businesses in community. In Spain as a whole, MicroBank helped 7,334 entrepreneurs with 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 12,660 euros in the same period of the previous year.

Another of the pillars of MicroBank's activity is financing aimed at covering specific needs of vulnerable families with difficulties in accessing credit. In total, the entity has carried out 3,296 operations in the Canary Islands valued at 23 million euros. In Spain, MicroBank has granted a total of 45,635 microcredits to this group, with a volume of financing that has risen to 351.7 million euros. The upward trend, already perceived throughout last year, is due, in part, to the recovery of family consumption. The average amount of microcredits to families between January and June 2022 stood at 7,708 euros, compared to 5,845 euros in the first half of 2021.

For its part, financing directed at sectors with a social impact, focused on projects in the social economy, education and innovation, helped materialize 101 initiatives in the Canary Islands worth 3.3 million euros. These magnitudes rise to 2,801 initiatives and a total value of 122.4 million euros in Spain, an amount that represents an increase of 7.6% in relation to the first six months of 2021.

“At MicroBank we have been working for 15 years to promote financial inclusion and, in a context of economic uncertainty such as the current one, we are making an even greater effort, if possible, to promote equal opportunities,” says Juan Carlos Gallego, president of MicroBank. For her part, Cristina González, General Director of MicroBank, underlines that "the entity is characterized by adapting to the reality of each moment, placing greater emphasis on the groups that require more attention in each circumstance with the ultimate goal of generating wealth and welfare in the territory.

sustainable bank

MicroBank responds to different segments of the population whose financial needs are not sufficiently covered. It plays a decisive role in CaixaBank's Sustainable Banking Plan, in which it is entrusted with the mission of promoting financial inclusion, facilitating access to credit for the most vulnerable groups, as well as strengthening its commitment to the socioeconomic development of the territory.

As the sole shareholder of MicroBank, CaixaBank has supported its social bank since its creation, granting it the necessary financing to grow its credit activity and marketing its products through CaixaBank's extensive commercial network to make the full range of options available to customers with the highest possible quality of service and proximity.

In the granting of microcredits, 270 entities throughout Spain also actively collaborate, providing knowledge of the recipients of the loans, in addition to advising and monitoring the projects.

Likewise, MicroBank has the support of some of the main European institutions dedicated to promoting entrepreneurship and microfinance. These are the European Investment Fund (EIF), the Council of Europe Development Bank (CEB) and the European Investment Bank (EIB).

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