Swedish fintech company Froda has received financial backing under the EU programme for Employment and Social Innovation (EaSI) in order to keep supporting innovative small-businesses in Sweden.

The operation is co-funded by the European Union, the European Investment Bank (EIB) and the European Investment Fund (EIF). Through the digitalisation of the application process, Froda has been able to help over 50,000 businesses with accessing financing. Thanks to this support, Froda can now provide over SEK 500 million – or €46 million – in loans to Swedish small-business owners.

Nicolas Schmit, European Commissioner for Jobs and Social Rights, said, 'Thanks to financing supported by the EU programme for Employment and Social Innovation, fin-tech company Froda can provide more than SEK 500 million – or €46 million – in loans to small businesses in Sweden and help them grow. Loan programmes like this give a significant and much-needed boost to small businesses which leads to local job creation and more social inclusion'

The EaSI Funded Instrument is a €200 million fund launched in 2019 under EaSI and can provide loans to financial intermediaries to support lending to micro-enterprises and social enterprises until the end of 2023. It is one of several EU financial instruments deployed under the EaSI Programme to support microfinance and social entrepreneurship. The EaSI Funded Instrument is a partnership between the EU, the EIB and the EIF.