Pancretan Cooperative Bank Ltd (PCB) is joining the group of microcredit providers under Progress Microfinance. PCB will therefore be able to offer up to €6 millions of microloans to Greek micro-entrepreneurs. This is the first time there is a Greek microcredit provider under Progress Microfinance.

Pancretan Cooperative Bank Ltd (PCB) will be able up to €6 million of microloans to Greek micro-entrepreneurs, with a focus on financing start-ups up to three years and new borrowers with a robust business plan. PCB will be the first Greek microcredit provider under Progress Microfinance. In addition, a further senior loan up to €8.75 million is expected to allow PCB to meet the demand of numerous micro-enterprises facing difficulties in accessing finance due to the credit crunch and the stricter eligibility requirements applied by the Greek banking sector.

PCB has become the biggest cooperative organisation in Greece. The bank is expected through these two agreements to support more than 1000 microenterprises. Progress Microfinance does not provide direct financing to micro-entrepreneurs or individuals, but it works through microfinance providers, such as Pancretan Cooperative Bank in Greece.

The European Progress Microfinance Facility (Progress Microfinance), which has as main aim to increase access to finance for micro-entrepreneurs, is an EU microfinance initiative established with €203 million of funding from the European Commission and the European Investment Bank and managed on their behalf by the European Investment Fund. The Progress Microfinance focuses in finance micro-entrepreneurs including the self-employed, with a particular focus on, but not restricted to, groups with limited access to the conventional credit market.