MicroBank's social impact financing soars in 2023

ESG
19/02/2024 News

MicroBank, the social banking arm of CaixaBank, experienced a significant surge in its social impact financing in 2023, with a remarkable 36.2% increase, totaling €1.38 billion. This growth reflects MicroBank's commitment to driving positive change and fostering socio-economic development across Spain.

In 2023, MicroBank completed 144,473 financing transactions, marking a substantial 44% increase year-on-year. Notably, the provision of microcredits for small business launch and consolidation saw a 48% uptick, with 19,267 microcredits granted, averaging €13,150 each, contributing to a total volume of €253.4 million. This underscores MicroBank's dedication to empowering entrepreneurs and fostering economic recovery.

MicroBank's focus on supporting vulnerable families remained steadfast, with 118,756 microcredits granted, representing a notable 44.9% increase from the previous year. MicroBank allocated €862.2 million to meet the specific needs of underserved individuals, averaging €7,260 per person, demonstrating its commitment to financial inclusion and addressing social inequalities.

Additionally, MicroBank continued to fund projects with a social impact, financing 6,453 initiatives in the social economy, education, healthcare, entrepreneurship, and innovation, with a total volume of €267.8 million, reflecting its dedication to promoting sustainable development and societal progress.

Aligned with CaixaBank's Strategic Plan, MicroBank's role in sustainable banking emphasizes financial inclusion and socio-economic development. Supported by CaixaBank as its sole shareholder and in collaboration with over 270 entities across Spain, MicroBank remains dedicated to advancing its mission of promoting financial inclusion and fostering socio-economic growth.

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