PerMicro, an Italian financial institution that focuses on micro-credit, has raised €4m in capital.
The increase was subscribed by the existing shareholders including Oltre Venture, Fondazione Paideia, UBI Banca, Fondazione CRT e PhiTrust, the European Investment Fund (EIF), which committed €1m to acquire a 20.4% stake, and other private investors.
PerMicro will use the resources to support micro-businesses and micro-entrepreneurs in Italy. Led by President Corrado Ferretti, PerMicro offers micro-loans of up to €25,000 to micro-entrepreneurs starting-up or developing existing businesses, including self-employment.
It is a non-bank MFI aiming at cooperating with NGOs and other associations with a social focus targeting people that have difficulties in accessing the traditional banking system. A portion of PerMicro’s business targets immigrant resident groups in Italy.
At 31 December 2010, the institution granted 995 micro-loans totalling €5m.