Academics given major role overseeing EU microfinance
Tuesday 21 June 2016
A pair of University of Salford academics have been given major roles overseeing the funding of small loans to businesses across the European Union.
A pair of University of Salford academics have been given major roles overseeing the funding of small loans to businesses across the European Union.
Professor Karl Dayson, Associate Dean (Research and Innovation) of the University’s School of Arts and Media, has been appointed as a member of the European Commission steering committee responsible for the Code of Good Conduct for Microcredit Provision. Dr Pal Vik, research fellow at the University, will also deputise for Prof Dayson when he can’t attend.
Microfinance is defined as loans of up to €25,000, given to small businesses or start-up companies, which are issued by a series of official providers across Europe.
These providers – such as Greater Manchester’s Business Finance Solutions, part of the Manchester Growth Company – are able to issue loans after accessing portions of a €180m EU pot set aside for this purpose.
The appointment means Prof Dayson will sit on the committee which assesses all applications by microfinance institutions wanting to access the fund.
The pair have worked closely with the European Commission for the last eight years on improving the ways that these small loan providers operate across Europe, and they have worked with organisations such as banks and regulators across the 28 EU states to develop a Code of Conduct for institutions to follow.
Prof Dayson will be the only academic sitting on the committee, which is made up of members of organisations such as the European Investment Fund.
He is an internationally recognised expert in microfinance, having written extensively on the subject and co-edited the Handbook of Microcredit in Europe – widely regarded as the definitive guide to microcredit across the continent.
Prof Dayson is also the Executive Director of Community Finance Solutions, which specialises in researching issues around access to finance, microfinance and the social impact of changes within the financial services industry.
He said: “Microfinance is a system that thousands of small businesses across Europe have – and will continue – to derive enormous benefit from, but although companies from Salford to Strasbourg and Sofia have taken advantage of this funding, many people may not know that it comes from the EU.
“It’s a huge honour to be the only academic sitting on the steering committee, which will allow me to continue our work raising the standards of these microfinance providers, benefiting customers and making sure taxpayers across Europe get the best value for money. The position also demonstrates Salford’s strong position in making sure our research has a significant impact in the real world.”
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