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Unemployed Danes may be granted microloans to start a business

Monday, 07 May 2012
City of Copenhagen will start its own banking operations in which those who are unemployed are welcome to borrow money from.

From next year, unemployed people who have been on job seekers allowance and similar recipients of cash assistance and early retirees will be welcome to seek microloans in the region of Dkr5000 - Dkr50,000 for them to start their own business. The loan will be is interest free.

The hope is that as unemployment continues to grow, the economy creeping and more Danish banks continue to tighten lending given their own internal difficulties, the government hope that the growing unemployed can become self-sufficient in their own businesses.

The Copenhagen municipality expects that 10 to 20 residents could benefit from a total amount of Dkr700,000.
The fear here is whether adventurers will not seize the chance to collect money which they will later loose.
By Team

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