Il Microcredito istituzionale. Un nuovo ruolo per l’azione pubblica

Abstract

In a period of repeated economic crises, access to traditional credit channels for those unable to provide personal or capital guarantees has proved particularly complex. Among the possible ways to limit the damage of the crisis, the Region of Sardinia has identified support for entrepreneurship – particularly micro-entrepreneurship – as the most crucial way to foster the creation of new jobs, both in traditional and innovative sectors. The authority has deemed it appropriate to change course in favour of business creation through a particular form of interest-free microcredit, which replaces the traditional grant. At the time of its creation in 2009, the ESF Microcredit Fund constituted a radical policy innovation, which entailed a significant discontinuity with previous practices. It was a critical and courageous decision, taken in a context heavily marked by the unfavourable socio-economic situation. This article presents the main results of the analysis of the ESF Microcredit, describing the mechanisms of genesis and implementation of the policy and finally describing the main effects of the ESF Microcredit on the beneficiaries and the socio-economic context.