Women and young people are the most vulnerable. Jobs and development among the outcomes of the leading Italian organization in financial inclusion.

Over 9,000 beneficiaries and 3,600 jobs created in 14 years thanks to PerMicro’s support.

In 2024 alone, PerMicro supported 3,030 projects with more than €35 million in funding: 39% of funded businesses are led by women and 31% by young people under 35, confirming PerMicro’s focus on the most vulnerable.

Benigno Imbriano, CEO of PerMicro: “In 2024, for the first time in its history, PerMicro achieved a balanced budget. This is a new starting point for future challenges and growth opportunities.”

Turin, June 11, 2025 – Financial inclusion can profoundly transform the economic and social conditions of individuals and communities. This is the key takeaway from the new impact study presented today by PerMicro, Italy’s largest financial inclusion company, which provides credit to individuals in vulnerable conditions. The study was conducted by Triadi, a spin-off of the Politecnico di Milano focused on innovation and social impact.

The research examined the effects of PerMicro’s activities from 2009 to 2022, revealing how accessible credit acts as a tangible driver of empowerment, economic stability, and social cohesion, creating opportunities especially for women, young people under 35, and migrants.

The findings were presented today in Turin at the Ersel Banca Privata headquarters, with the participation of PerMicro shareholders including Fondazione Sviluppo e Crescita CRT, Fondazione Compagnia di San Paolo, and Narval Investimenti. The event provided an opportunity to discuss the social and economic value of financial inclusion in Italy. Key speakers included Francesca Giubergia (Chair of PerMicro), Benigno Imbriano (CEO of PerMicro), Mario Calderini (Professor at Politecnico di Milano and Director of Tiresia), Gabriele Guzzetti (General Director of Triadi), Alberto Eichholzer (Head of Finance at Compagnia di San Paolo), Cristina di Bari (Chair of Fondazione Sviluppo e Crescita CRT), and Guido Giubergia (Chair of Ersel Banca Privata and Narval Investimenti).

Key Social Impact Results of PerMicro (2009–2022)

Since its founding in 2007, PerMicro has issued more than 40,000 loans totaling over €336 million.

The study shows that between 2009 and 2022, over 9,000 individuals and micro-enterprises—originally excluded from traditional banking—benefited from PerMicro’s credit. In these 14 years, PerMicro recorded an average annual growth of 30% in funding, increasing from €1.5 million in 2009 to €26 million in 2022. A total of 3,601 jobs were created through businesses launched with PerMicro’s support, involving women, youth under 35, and foreign nationals.

The study confirms microcredit as an effective tool against precariousness: more than 1,700 entrepreneurs improved their working conditions, and over 2,500 reported increased monthly income.

Public systems also benefit: income and consumption growth generated by PerMicro-supported activities led to an estimated €123 million in additional tax revenue (income and consumption taxes). Reduced dependence on welfare led to public savings of €18.3 million.

2024 Highlights

In 2024, PerMicro supported 3,030 projects for families and small entrepreneurs, disbursing over €35 million. This represents a 14% increase in support to microenterprises and an 8% increase in support to families compared to 2023.

PerMicro continues to focus on vulnerable groups: 39% of funded businesses in 2024 were led by women (up from 37% in 2023), and 31% by individuals under 35—including 57 under the age of 26.

The impact of 2024 projects will be assessed 24–36 months after funding to capture long-term outcomes.

The Broader Context

Italy’s microfinance sector continues to face challenges. According to Banca Etica’s analysis of 2022 Bank of Italy data, around 3% of families—about 600,000 households or 1.3 million people—lack access to banking services. While over 500,000 families gained access to current accounts between 2020 and 2022, financial exclusion remains concentrated in southern regions and among lower-income households: 77% of excluded families earn less than €17,000 annually.

In this context, microfinance proves a key tool in reducing inequality, promoting social justice, and strengthening the national economy. Expanding access to credit means restoring dignity, enabling participation, and building a more resilient and inclusive economy focused on the common good.

Leadership Commentary

Francesca Giubergia, Chair of PerMicro:
“PerMicro is Italy’s largest financial inclusion company, providing credit to vulnerable individuals nationwide, with a mission rooted in social inclusion. Though small compared to financial giants, we are unique in Italy—and even Europe. I thank Prof. Calderini and Dr. Guzzetti for quantifying the impact PerMicro has achieved.”

Benigno Imbriano, CEO of PerMicro:
“2024 marked our first-ever balanced budget. This isn’t a finish line but a new beginning. We believe our model can sustainably generate replicable economic and social value. The figures presented by the Politecnico di Milano team confirm this—we move forward with determination, aiming to solidify our financial base and expand our social impact through credit.”

Prof. Mario Calderini, Politecnico di Milano:
“Measuring social impact is not an endpoint—it’s a tool to understand change and refine strategies. Our findings offer a foundation to evaluate the past and future of microcredit’s role in economic and social inclusion. The evaluation done with PerMicro shows how impact measurement can drive continuous improvement.”

Guido Giubergia, Chair of Ersel Banca Privata and Narval Investimenti:
“It’s a great satisfaction to celebrate this milestone. Eighteen years ago, together with Fondazione Paideia, we founded PerMicro to offer a viable path to economic inclusion. Today, we can proudly say it has become a self-sustaining reality. This balance point reflects the maturity of our model—social impact proves business can also be a force for good.”

Cristina Di Bari, Chair of Fondazione Sviluppo e Crescita CRT:
“Our foundation has supported PerMicro since 2009 to broaden access to credit for those seeking to escape financial instability. Whether starting a microenterprise or managing household challenges, we aim to empower communities. The long-term data confirms that social finance can and must respond to the needs of the often-overlooked yet active middle segment of society.”

Alberto Anfossi, Secretary General, Fondazione Compagnia di San Paolo:
“PerMicro’s mission—providing credit to the unbanked—is challenging to achieve through market tools alone, yet addresses a significant social need. After a long journey, PerMicro now operates sustainably through self-financing. We’re proud to have supported this achievement with our patient capital.”

About the Research Methodology

Since 2015, PerMicro has engaged in a structured impact measurement journey with the Politecnico di Milano, now led by the Triadi spin-off. After an initial phase covering loans from 2009–2014, the assessment was gradually expanded and, since 2021, has become systematic, with annual evaluations conducted 24–36 months after loan disbursement. This method ensures not only accountability but also deeper insights for improving future interventions.