Social Enterprise Ecosystem in Greece
The partners’ vision for the SEE GR fund is to become the leading Social Finance Instrument operating in Greece, providing, when fully operational, a broad range of financial and non-financial services to Social Enterprises, based on excellence in services and products offered, transparency in processes, procedures and operation, and commitment to support sustainable and innovative ventures that aim to address efficiently social and societal needs.
Partners will develop the Greek Social Enterprise Guarantee Fund bottom up, with the aim to support the creation of innovative and self-sustainable social enterprises able to create decent and sustainable employment through the provision of services and products to the community on a longer-term basis.
In this direction co-applicants have set to work in order to:
- Provide Liquidity to social enterprises,
- Encourage social enterprises to invest in fixed assets and mainly in equipment,
- Strengthen the social enterprises skills and competences to complete their business plans (covering logistics, procurement services, increase cooperative capital),
- Unleash the potential of Greek Cooperative Banks to provide meaningful and systemic solutions to the Greek social enterprises and contribute efficiently to local and regional development,
- Work to develop the right strategies and products for attracting the appropriate amount and quality of funds that would be deployed to serve the needs of Greek social enterprises and which will secure the sustainability of the Fund,
- Work to provide a reliable and transparent channel for, social and mainstream, investors to invest in projects with positive social impact,
- Work to develop tools and mechanisms and procedures to improve skills and competencies in evaluating social enterprise projects; spread this culture into mainstream funding/finance providers,
- Provide reliable methodologies and tools for social impact assessment and social return on investors’ investments,
- Create a network of stakeholders involved in the implementation and/or support of social enterprises; use of the network’s resources in the evaluation and implementation phases of projects in order to reduce and mitigate risk of failure.
Description and Objectives
The main objective of SEE GR project is to develop and establish the Greek Social Enterprise Guarantee Fund that suits the needs of social enterprises in Greece.
The partners aim to contribute to the development of a trust-based partnership model for social finance, whereby,
- The cooperative banks will provide patient capital in the form of loans, tailored to the specific needs of social enterprises.
- The Greek Social Enterprise Guarantee Fund will provide guarantees to the banks.
- Suitable social enterprise support organisations will provide start-up, business development and social impact management support services, and accompany the loans extended with the guarantee of the Greek Social Enterprise Guarantee Fund.
- A Social Entrepreneurship Competence Centre will align the activities of the various partners through common rules, ensure quality services through networking, training and advice, and ensure quality management through monitoring compliance with agreed rules and standards.