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Report on Options for the Implementation of a Micro-Financial Report on options for the implementation of a micro- financial instrument in Greece Final Report Final report revised on the basis of the comments made by the Commission and the Greek Ministry of Labour, Social Security and Social Solidarity 13/02/2016 Revised Final Report_VC20150442 25.02.16/ Seite 1 von 69 Acknowledgements This report presents the results of a study commissioned by the European Commission to Deutsches Mikrofinanz Institut DMI (VC/2014/0995 and prolongation VC/2015/0442). The authors would like to thank all interviewees for providing relevant information and insights into the current state of start-up and SME finance as well as on social finance in Greece. Disclaimer: Although a range of stakeholders were interviewed to collect, verify, update and supplement relevant information, it was not possible to consult all relevant stakeholders within the constraints of the study. This document has been prepared for the European Commission. However, the information and views set out in this publication are those of the authors and do not necessarily reflect the official opinion of the Commission. The Commission does not guarantee the accuracy of the data included in this study. Neither the Commission nor any person acting on the Commission’s behalf may be held responsible for the use, which may be made of the information contained therein. Legal notice © European Union, 2016 Reproduction is authorised provided the source is acknowledged. For any use or reproduction of materials which are not under European Union copyright, permission must be sought directly from the copyright holder(s). Contact: Jörg Schoolmann / Stefanie Lämmermann DMI Deutsches Mikrofinanz Institut Hermann-Steinhäuser-Straße 43-47 D-63065 Offenbach [email protected] [email protected] Revised Final Report_VC20150442 25.02.16/ Seite 2 von 69 Content Executive summary .............................................................................................................. 5 1 Background and context .................................................................................................. 7 1.1 Technical Assistance mission - objective and tasks .............................................................. 7 1.2 Deutsches Mikrofinanz Institut e.V. – mission and activities .................................................. 9 1.3 Microenterprises and microcredit in the EU ......................................................................... 9 1.4 Social enterprise and social finance in the EU .................................................................... 12 1.5 Linkages between microfinance and social finance in the EU .............................................. 13 2 Microfinance and Social enterprise in Greece ................................................................ 14 2.1 Legal frameworks and public action to support social enterprises ........................................ 14 2.2 Obstacles for social enterprises in Greece ......................................................................... 16 2.3 Financing needs of social enterprises ................................................................................ 17 2.4 Short appraisal of existing Greek microfinance and social finance initiatives ......................... 18 2.4.1 Governmental Initiatives to promote entrepreneurship and to provide guarantees for SMEs .................................................................................................................... 18 2.4.2 Public Grants to cover start-up costs for unemployed people from vulnerable groups .. 19 2.4.3 Third sector Initiatives to deliver microfinance ......................................................... 19 2.4.4 Private Initiative to deliver microfinance .................................................................. 20 2.4.5 The European Commission’s initiative to explore the potential for microfinance in Greece 20 2.4.6 Governmental initiatives to develop social finance .................................................... 21 2.4.7 Third sector Initiatives to develop social finance ....................................................... 21 2.4.8 Research by Adie International ............................................................................... 22 2.4.9 Conclusion ............................................................................................................ 23 3 Conceptual and empirical considerations ...................................................................... 24 3.1 Volumes and target groups .............................................................................................. 24 3.2 Social Enterprises ............................................................................................................ 24 3.2.1 What are „social enterprises“? ................................................................................ 24 3.2.2 How to integrate socially disadvantaged groups? ..................................................... 25 3.2.3 Social and inclusive entrepreneurship ...................................................................... 25 3.2.4 What legal form should the organisations have? ...................................................... 27 3.3 Categorisation of micro-loans as an instrument to promote entrepreneurship ...................... 27 3.3.1 Loans ................................................................................................................... 28 3.3.1.1 Microloans .............................................................................................. 28 3.3.1.2 Promotional public loans .......................................................................... 28 3.3.2 Grants .................................................................................................................. 28 3.3.2.1 Bridge Money – Grants to cover living costs ............................................... 28 3.3.2.2 Investment grants ................................................................................... 29 3.3.3 Support services .................................................................................................... 29 3.3.3.1 Business Development Services (BDS): Consulting, Coaching, Training ........ 29 3.3.3.2 Business incubator ................................................................................... 30 3.3.3.3 One-stop-shops ....................................................................................... 30 3.3.3.4 Online-Platform ....................................................................................... 30 3.3.4 Campaign .............................................................................................................. 30 3.4 Options for delivering key elements of microfinance .......................................................... 30 4 The Trust-Based Partnership Model for Microloan Provision – Potential adaptation to the Greek Economy ............................................................................................................ 37 4.1 Trust-based Partnership Model for Microloan Provision ....................................................... 37 4.2 The Guarantee Fund ....................................................................................................... 39 Revised Final Report_VC20150442 25.02.16/ Seite 3 von 69 4.2.1 Role of the Guarantee Fund .................................................................................... 39 4.2.2 Practical experience from Germany in developing a suitable model for microcredit provision ............................................................................................................... 42 4.2.3 Potential guarantee fund in Greece ......................................................................... 42 4.2.3.1 Investors ................................................................................................ 43 4.2.3.2 Management ........................................................................................... 47 4.3 Bank .............................................................................................................................. 47 4.3.1 Role of the bank .................................................................................................... 47 4.3.2 Practical experience from Germany ......................................................................... 48 4.3.3 Potential banks in Greece ....................................................................................... 49 4.4 MFIs/SFIs - Microfinance Institutions/Social finance Institutions ......................................... 50 4.4.1 Role of the MFIs/SFIs ............................................................................................. 50 4.4.2 Practical experience from Germany ......................................................................... 51 4.4.3 Potential MFIs/SFIs in Greece ................................................................................. 51 4.4.4 How to identify suitable MFIs/SFIs? ........................................................................ 52 4.4.5 Accreditation of MFIs/SFIs ...................................................................................... 52 4.5 Quality-, Risk- and Network Manager (QRN-Manager) ........................................................ 54 4.5.1 Role of the (QRN) .................................................................................................. 54 4.5.2 Quality and Risk
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