Business
MicroBank Finances 1,019 Education Projects for Students Thanks to the Skills & Education Loan in 2023
In 2023, MicroBank’s Skills & Education program financed 1,019 education projects in Spain, a 49.6% increase from 2022. The initiative, in collaboration with the European Investment Fund, provided €7.28 million in loans, up 68.7%. Since its 2022 launch, it has supported 1,895 students with €13.2 million in financing, primarily for higher education and skills training.
MicroBank, CaixaBank‘s social bank, has financed a total of 1,019 education, training and skills projects for students through the Skills & Education program in Spain throughout 2023. This figure represents a growth of 49.6% compared to the previous year. previous exercise.
In terms of financing volume, the initiative, arising from an agreement between MicroBank and the European Investment Fund (EIF), offered loans worth 7.28 million euros last year, which represents an increase of 68. 7% compared to 2022. The average amount of operations stood at 7,140 euros in 2023, 12.7% more.
Since its launch in 2022, MicroBank Skills & Education program has benefited 1,895 students with the granting of financing worth 13.2 million euros
The Skills & Education loan focused on students aims to finance higher-level training cycles, university degrees and master’s degrees and doctorates, as well as digital skills courses and professional training. Regarding the profile of the beneficiaries, 61% are women, compared to 39% men, and they have an average age of 28.5 years. By field of study, the main topics chosen are health and well-being; business, administration and law, and education.
“In just over two years, the Skills & Education program has established itself as a useful tool to facilitate access to a job or to improve working conditions,” explained Cristina González, general director of MicroBank.
Among the main characteristics of the Skills & Education loan for students residing in Spain, the fact that it does not require collateral stands out and that it allows you to finance both tuition costs and other expenses linked to training or stay. The initiative makes it possible to finance studies implemented both in Spain and in any of the 27 EU Member States and third countries associated with the program (Iceland, Liechtenstein, Norway, North Macedonia, Turkey and Serbia). On the other hand, it is a 100% contractable product via mobile phone for Imagin clients.
Line focused on companies
The second line of Skills & Education, aimed at those self-employed workers, companies and organizations that wish to improve their services, has granted 325 loans in Spain for a total value of 45.2 million euros since its entry into force.
Regarding the activities of these organizations, those focused on academic tutoring services, teaching centers that teach remedial classes, review courses for professional exams, computer classes, etc. stand out.
MicroBank – Sustainable banking
MicroBank responds to different segments of the population whose financial needs are not sufficiently covered. It has a determining role in the Sustainable Banking Plan, integrated within the CaixaBank Strategic 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, providing it with the financing necessary for the growth of its lending activity and marketing its products through CaixaBank’s extensive commercial network to make the full range of services available to customers. options with the highest quality of service and proximity possible.
In granting microcredits, more than 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 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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(Featured image by Helene Lopes via Unsplash)
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First published in CaixaBank. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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