Tue, 02 Feb 2010

German government commissions GLS Bank to manage microlending – Bank wins sustainability awards

BOCHUM (NNA) – The GLS Bank in Bochum has been commissioned by the German Ministry of Labour and Social Affairs to develop microlending across Germany.

The microlending fund has been set up with a starting volume of 100m euros, the bank said in a press release. Most of the money, which is to be used to secure loans for small and micro entrepreneurs as well as for startups, comes from the Ministry’s budge as well as from the European Social Fund.

Small and micro enterprises often do not have access to capital due to a lack of collateral.

“Our objective is to support the commitment of people and to open up new vistas. This is all the more important at a time when economic circumstances are generally difficult,” GLS board spokesman Thomas Jorberg said.

“Small enterprises in particular create jobs and are closely guided by demand,” Jorberg added.

The GLS Bank has been involved in the field of microfinance for ten years and has built up a large network of cooperation partners. It will grant loans of up to 20,000 euros in collaboration with regional microfinance institutes.

The GLS Bank has been undertaking practical research in the field of microfinance in the form of model projects since 2000. In 2004 it established the German Microfinance Institute with its partners and launched a microfinance fund.

In a separate development, Thomas Jorberg has been awarded the Future Award 2009 by the Future initiative. Future, established by environmentally aware small and medium-sized businesses in Germany proactively to promote the idea of environmental protection within companies, praised Jorberg’s “responsible company leadership and consistently sustainable management,” the organisation said in a statement.

The bank also won the Portfolio Institutionell Award as “Best sustainable investor”.

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Link: www.gls.de, www.future-ev.de

Item: 100202-02EN Date: 2 February 2010

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