COUNTRY LEVEL · COMPARATIVE TOOL
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Put two to four countries side by side and compare the 20 standard indicators from their profiles — regulation of lending, supervision, products, incentives and how the framework is developing. Share a comparison with a link, or print it.
| Indicator | 🇫🇷France updated 2022 | 🇮🇹Italy updated 2025 | 🇷🇴Romania updated 2024 |
|---|---|---|---|
| Regulation and supervision | |||
| Legal embedding of microcredit regulation | Derogation clause within general banking law | Dedicated provision within general banking law | Within general NBFI law, no separate provision |
| Law regulating microcredit provision | Monetary and Financial Code (point 5° of Article L.511-6) | Consolidated Law on Banking (article 111) | Law on non-bank financial institutions |
| Year of implementation | 2001 | 2010 | 2009 |
| Supervisory authority | Bank of France (ACPR, "Autorité de contrôle prudentiel et de résolution") | Bank of Italy | Bank of Romania |
| Licensing and providers | |||
| Type of licence | Derogation-based regime, limited to non-profit entities | Dedicated licence for microcredit providers | General licence for non-bank lending, with microcredit as one of several authorised activities |
| Non-bank lenders authorised to disburse microcredit | Associations, public utility foundations | Microcredit providers: limited companies, cooperatives societies | Non-bank financial institutions: joint stock companies |
| Minimum capital (EUR) | Not defined in the law | 250000 | 200000 |
| Other non-bank lenders authorised to disburse microcredit | None | A list of non-profit organizations is authorized to disburse personal loans only Financial intermediaries and mutual financial operators complying with Article 111 |
Credit Unions |
| Products | |||
| Main microcredit products | Business microcredit, Personal microcredit | Business microcredit, Personal microcredit | Business microcredit, Personal microcredit |
| Other products | None | None | NBFIs may also offer factoring, leasing, and mortgages alongside microcredit (subject to ad hoc registration) |
| Business microcredit | Max threshold: EUR 12,000 (EUR 15,000 in Oversees territories) Max term: 5 years IR cap: not defined in the law Guarantees: n/a Purpose: To create and develop small enterprises (up to 3 employees) Target clients: anyone willing to start and/or develop a business |
Max threshold: EUR 75.000 (up to EUR 100,000 in cases of limited liability companies Max term: 10 years IR cap: Yes, in accordance with the anti-usury legislation Guarantees: not permitted by law Purpose: To support entrepreneurial activities Target clients: Self-employed individuals within their first five years of activity or microentreprises |
Max threshold: not defined in the law Max term: not defined in the law IR cap: not defined in the law Guarantees: n/a Purpose: not defined in the law Target clients: not defined in the law |
| Personal microcredit | Max threshold: EUR 8,000 Max term: 5 years IR cap: yes, in accordance with anti-usury legislation Guarantees: n/a Purpose: Access to, maintenance of, or return to a job or social integration project not directly linked to a professional objective Target clients: Physical persons facing difficult financing, whose loan repayment capacity is judged to be sufficient and who are receiving social support |
Max threshold: EUR 10,000 Max term: 5 years IR cap: Yes, linked with the average market effective annual percentage rate Guarantees: not permitted by law Purpose: To support social and financial inclusion Target clients: Individuals who are experiencing economic or social vulnerability (e.g. unemployment, poor standard living conditions) |
Max threshold: not defined in the law Max term: not defined in the law IR cap: NBR reference rate + 8%. Total repayable: max 2x loan amount Guarantees: n/a Purpose: not defined in the law Target clients: not defined in the law |
| General-purpose microcredit | n/a | n/a | n/a |
| Non-financial support | Not defined in the law | Mandatory technical assistance, mentoring, and monitoring, | Annual information and education activities |
| Full France profile → | Full Italy profile → | Full Romania profile → | |
26 countries with microcredit-specific regulation can be compared. “—” / “n/a” = not applicable or not documented. Source: EMN regulatory dataset, last import 2026-10-07.
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