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Upscaling Social Investment 50 Case Studies

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Upscaling Social Investment 50 Case Studies FIFTY CASE STUDIES Upscaling social investment 50 case studies FIFTY CASE STUDIES Upscaling social investment 50 case studies Upscaling social investment: 50 case studies CASE STUDY CO-ORDINATOR: Danyal Sattar, INAISE EDITOR: Radhika Holmstrom EDITORIAL ASSISTANCE AND ADDITIONAL RESEARCH: Viviane Vandemeulebroucke, Thomas Hüttich, INAISE This collection of case studies are written by experts in the different aspects of social finance. They cover areas of relevance to developing and upscaling social investment in Europe and draw on international experiences relevant to the European situation. Although most are directly European in nature, they include the key relevant experiences from North America and Eastern Europe. These studies are grouped into three areas: Vision, Strategy and Policy, and Practice. VISION: These studies explore the vision we have of the future of social finance, in a context of a changing banking system. STRATEGY AND POLICY: These studies explore strategic and policy issues for the sector and look at issues, such as social investment in the context of a changing welfare state, or policy issues, such as disclosure regulation. PRACTICE: These studies demonstrate the possibilities of social finance, displaying examples of current practice, showing what is possible. ACKNOWLEDGEMENTS The case study co-ordinator is very grateful to the European Commission Third System and Employment pilot action programme for cofinancing this work. I would also like to recognise the contributions of each author of the case study series, who have donated considerable time and expertise to these studies, and staff within the organisations covered who have provided vital information to the authors – many thanks to all of you. None of this would be possible without the support of the members of INAISE, the President and board of Directors, and the co-ordinator of INAISE, Viviane Vandemeulebroucke and above all, the vision and dedication of INAISE research leader, Christophe Guene. INAISE: These studies have been produced by INAISE, the International Association of Investors in the Social Economy. INAISE can be contacted at: [email protected] - www.inaise.org tel: +32 2 234 5797 fax +32 2 234 5798 DISCLAIMER: Views expressed by individual authors are not necessarily policies that INAISE supports or backs, but are here to take the debate forward. INAISE is not responsible for the views expressed by individual authors in these case studies. The selection of organisations and topics in this series does not necessarily imply that INAISE approves, disapproves or supports of any of the organisations mentioned. While effort has been made to ensure the accuracy of the information in these case studies situations change continuously. Readers are advised to follow up with the organisations concerned. No information in this document should be viewed or interpreted as an inducement to invest, an investment prospectus or as financial advice. INAISE, april 2000 Contents SECTION ONE: VISION . 4 The death of banking . 4 A greater space for social banking . 7 A vision of community finance . 8 SECTION TWO: STRATEGY AND POLICY . 10 Can banking regulation reduce financial exclusion? Understanding the significance of CRA . 10 Crédal: the issue of legal structures appropriate for social investment . 15 The impact of demutualisation on building societies’ branch networks . 16 The National Community Capital Model . 17 Eligible Measures In EU Funding . 18 Ensuring the development of the social finance sector: the role of credit union trade and support organisations . 20 Credit Unions and their role in social investment . 23 Living outside bank status - Grether Ost . 24 Maximising and achiving rapid impact of social investment on community economic development . 25 Social Accounting and Auditing in Financial Institutions . 26 Local venture capital: how to bring equity to social businesses . 29 Social Investing in Ireland . 30 The Case for Tax Credits for Social Investors . 32 The EDEN scheme . 34 Social Banking and Welfare in Europe - between market and state – where are the citizens? . 36 What future is there for social-economy banks? . 39 SECTION THREE: PRACTICE . 42 Local financing networks in France: a summary of fourteen initiatives (France) . 42 ACCION Transplanting Micro-credit from South to North (USA) . 49 ADIE: Micro-Finance for Enterprise (France) . 50 Aston Reinvestment Trust (UK) . 52 Banca Etica (Italy) . 53 The Business Angels networks in France (France) . 54 Local social venture capital - the CIGALE movement (France) . .56 The Co-operative Bank’s Partnership Report (UK) . 60 Dalston City Business Credit Union (UK) . 62 Ecology Building Society (UK) . 64 Full Circle Fund, WEETU (UK) . 65 Fundusz Mikro (Poland) . 67 Glasgow Regeneration Fund (UK) . 69 GLS Community Bank (Germany) . 70 Industrial Common Ownership Finance Limited (UK) . 71 Illinois Facilities Fund (Chicago, USA) . 73 Institute for Community Economics (ICE) - Community Land Trust and Revolving Loan Funds (USA) . 74 JAK Bank interest-free lending organisation (Sweden) . 76 Local Development and Job Creation - what can we learn from MSIF? (UK) . 78 Local Investment Fund (UK) . 79 Neighborhood Lending Services - A Revolving Lending Operation for Housing Improvement (Chicago, USA) . 80 New Horizons Saving & Loan Scheme (UK) . 82 Non-Profit Financial Center (Chicago, USA) . 83 Ökobank (Germany) . 85 Creating a social investment vehicle: Proyecto TRUST (Spain) . 86 RAFAD (Switzerland) . 87 Inclusive Partnership Strategy and Governmental Tax Benefits SOLIDE (Canada) . 89 Time Money - How to rebuild social capital . 90 Women’s World Banking (USA) . 92 Working Capital: Micro-Credit Group Lending (USA) . 93 World Savings Banks Institute . 95 1 V ISION by Tim Sweeney, The Death of Banking Director General, I was asked to talk about the future of banking. However, I find that I am British Bankers’ compelled to report that banking is already dead! The current upheaval in the financial services industry, across Europe and beyond, is as significant as Association the industrial revolution of the 19th century. Banks with which we are all familiar will not In the case of the UK this means a golden age of exist in 10, maybe five, years’ time. In fact, the warm beer, cream teas and village cricket – often banking industry to which critics often refer loosely associated with the sort of bank manager has been dead for some time. Bill Gates is embodied in the Captain Mainwaring figure in famous for saying that he may need banking the TV series Dad’s Army. The vision is often but he doesn’t need bankers. He’s half right. It accompanied by the complaint that banks no is just that the banker he will be using in 10 or longer care about their customers. The truth is 20 years’ time will bear little resemblance to the very different. In the 1950s only a very small pro- one you see before you today. portion of the population anywhere in Europe had bank accounts or access to banks. The vast What,.
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