The entity’s Strategic Plan 2022-2024 envisages allocating 1,850 million to households and 1,600 million to businesses and entrepreneurs
CaixaBank’s president, José Ignacio Goirigolzarri, has announced that CaixaBank’s social bank, MicroBank, will provide a total of EUR 3,500 million in social impact financing to more than 400,000 vulnerable families, entrepreneurs and micro-enterprises until the end of 2024. The entity’s Strategic Plan 2022-2024 envisages allocating 1,850 million to households and 1,600 million to businesses and entrepreneurs.
This commitment to grant 3,500 million represents an increase of 34% compared to the amount awarded over the period 2019-2021 and significantly increases the number of beneficiaries, compared to the nearly 312,000 of the previous Strategic Plan 2019-2021.
“Providing microcredit is the best contribution we can make to support the socio-economic recovery of our country and contribute to the well-being of society as a whole,” said the chairman of CaixaBank, which owns 100% of MicroBank. The executive has stressed that “this activity is now more important than ever, because after the pandemic and the invasion of Ukraine, there are social gaps and increasing inequality that we have to address.”
Achieving these high levels of support for society is the first pillar of MicroBank’s Strategic Plan 2022-2024, which, claiming ‘We change lives’, also focuses on strengthening its leadership in social financing and increasing its impact on the environment in which it is located. operates, enters into new alliances and consolidates the management model and corporate culture.
With the goal of leading funding with societal impact, MicroBank will work to develop and expand its value proposition, foster a better customer experience, explore new revenue streams and expand agreements with key collaborating entities. At the same time, it will promote omnichannel recruitment, all with the aim of facilitating and accelerating the financing and social impact of its activity.
José Ignacio Goirigolzarri stated that MicroBank is a “fundamental part of CaixaBank’s social mission, which has a differential banking model that is highly inclusive and close to society and the needs of families and businesses.”
“MicroBank has become a true benchmark for social impact investing as it is the largest microfinance bank in Europe,” said Goirigolzarri. “Today we take another step forward in this social work, by presenting MicroBank’s strategic plan, which aims to respond to vulnerable individuals and groups whose financial needs are not covered by the traditional financial system,” he added. .
Goirigolzarri has emphasized that since its inception in 2007, MicroBank has funded more than €8,000 million, helping one million vulnerable families and 225,000 entrepreneurs and micro-enterprises.
For his part, MicroBank’s president, Juan Carlos Gallego, explained that “MicroBank’s work is based on four pillars: the commitment and unconditional support of CaixaBank, the trust of the customer, the collaboration of an extensive network of and the contribution of the main European institutions promoting entrepreneurship. Pillars that have made it possible to forge and consolidate an activity model that delivers fruitful and measurable results”.
Cristina González Viu, General Manager of MicroBank, has assured that “the new Strategic Plan gives us the tools to change more lives, maximize the impact of our work on society and reach more beneficiaries, true to the philosophy it guided us through our 15 years of history and we are well aware that although our business model is unique, we are constantly adapting to the evolution of the environment to provide the best possible service».
The entity, which celebrates its 15th anniversary this year, has funded more than 8,000 million euros in Spain, totaling 1,243,332 projects with a social impact. Nearly 7,500 million euros of this corresponds to microcredits. This activity has contributed to the creation of 292,678 direct jobs through microcredit companies and freelancers.
Of the total number of micro-credits, 1,000,131 operations, amounting to 4,929 million, were used to meet the specific needs of families, while 225,049 operations, amounting to 2,550 million, were granted to support entrepreneurs and micro-enterprises.
For their part, the specific lines for sectors with impact, created more recently, have realized 18,152 projects in the fields of social economy, education, innovation and health in Spain for 665 million euros.
As for the profile of the beneficiaries of the funding provided by MicroBank, it should be noted that almost 50% of the operations were for women. By age group, 35% of surgeries were for those under 35 years of age; 24%, between 36 and 45 years; 19%, between 46 and 55 years; 11% between 56 and 65 years and 11% for people over 65.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
