MicroBank's microcredits lead to creation of over 28,000 jobs in Spain

ESG
13/05/2024 News

MicroBank, the social bank of CaixaBank, has significantly contributed to job creation in Spain, directly creating 28,521 jobs in 2023 through its support for entrepreneurs, as revealed in its recent Annual Report.

According to the report, 45% of the businesses that received microcredits from MicroBank are planning to hire new workers this year. The bank's financing also had a substantial impact on the Spanish economy, with businesses supported by MicroBank contributing €4.468 billion in 2023, an increase of 8.7% compared to the previous year.

A study by KPMG Asesores and Stone Soup Consulting showed that MicroBank's financing with social impact amounted to €1.383 billion in 2023, a growth of 36.2% compared to the previous year. This growth in activity directly contributed to the creation of over 28,000 jobs, representing a 63.4% increase compared to 2022.

The report highlights that most of the employment associated with the activity of businesses financed by MicroBank corresponds to the professional services sector (39%), followed by retail trade (23%), hotels and catering (20%), and construction (9%).

MicroBank's microcredits have particularly benefited young people under the age of 35, women, and previously unemployed individuals.

Cristina González Viu, CEO of MicroBank, emphasized the positive impact of the bank's activity on job creation, stating that "the figures for the contribution to job creation in 2023 are more positive than ever and are the best reflection of the social impact that MicroBank's activity generates."

MicroBank's contribution to job creation and economic growth in Spain is part of its broader commitment to the United Nations Sustainable Development Goals (SDGs), particularly Goal 8 (decent work and economic growth), Goal 10 (reduced inequalities), and Goal 17 (partnerships for the goals).

As the social bank of CaixaBank, MicroBank plays a crucial role in promoting financial inclusion and socio-economic development in Spain. Supported by CaixaBank and more than 270 collaborating entities throughout Spain, MicroBank is committed to providing access to loans for vulnerable groups and promoting enterprise and microfinance with the support of leading European institutions such as the European Investment Fund (EIF), the Council of Europe Development Bank (CEB), and the European Investment Bank (EIB).

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