EU Social Investment Financial instruments in support of social entrepreneurship and impact investment

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1 EU Social Investment Financial instruments in support of social entrepreneurship and impact investment Serge PATOU, Policy Officer DG ECFIN, Financing for Innovation, Competitiveness and Employment European Policy Center, 10 November 2015

2 2 Social Investment Public and social investment is paramount for improving social inclusion and cohesion, and European governance and integration. Support of social entrepreneurship is a key area of social investment in the EU, supporting sustainable employment and social inclusion. EU financial instruments are an important social investment policy tool, to support the social economy and develop a social finance market. Social impact finance, EU s new SIF pilot programme (to be deployed early 2016), will offer a first-step response to new needs in the context of the refugee influx. Developing social impact assessment mechanisms is important (initial discussions with EIB on a possible 'roadmap' within SIF pilot). Focus of partnerships (public-private-third sector) for integrated multifocal initiatives producing sustainable socio-economic outcomes.

3 3 Policy EU 2020 Strategy Social enterprises contribute to the Europe 2020 objectives for Smart, Sustainable and Inclusive growth: 75% of the year-olds to be employed at least 20 million fewer people in or at risk of poverty and social exclusion Social Business Initiative (2011) supporting national and regional governments and stakeholders to develop eco-systems for social enterprise. Policy Context social enterprises constitute 10% of the European economy (GDP) the social economy employs more than 11 millions of workers (6 % of the active EU population) Social Investment Package (2013) investing in people s increased capabilities, and their inclusion into society and the labor market.

4 4 Regulation European Social Entrepreneurship Fund Regulation (EuSEF) removing barriers within EU fund rules to the efficient channeling of investments to social businesses. Finance Policy Context (cont'd) European Social Fund (ESF) targets social enterprises as one of its investment priorities, as an important vehicle to help vulnerable groups to integrate into labour markets. European Programme for Employment and Social Inclusion (EaSI) improving access to finance for micro- and social enterprises, and developing the social finance market. European Fund for Strategic Investment (EFSI) catalyzing private investment into the real European economy.

5 5 The EFSI Opportunity EFSI SMEW is already up and running, with three products being implemented: EUR 2.5 billion increase of the RCR Mandate (Equity products) EUR 1.7 billion in 3 years to COSME LGF, InnovFin SMEG target groups (discussions for EasI frontloading ongoing) More volumes, and faster outreach 25% already signed up and working on the ground EIF confident to achieve 1/3 of the overall volume (EUR 25 billion) by year's end

6 6 Dedicated effort to ensure new products (Eur 2bn Equity instrument covering also social impact), to be launched early 2016 Contemplating financing options through non-grant means (ex. uncapped guarantees for uncollateralized lending) targeting previously unaddressed needs EFSI is demand-driven, with no geographical preference. However, limits on geographical concentration and incentives for broad geographical coverage are foreseen. Measuring project value (EFSI Regulation Art 6): The EFSI Opportunity (cont'd) Economic viability Consistency with EU policies (smart, sustainable and inclusive growth, quality job creation, economic, social and territorial cohesion) Additionality Both IIW and SMEW make specific reference to social infrastructure and social enterprises

7 7 Complements existing EU level instruments Will support EUR 75bn of investment by SMEs and mid-caps. The budget for the SME Window is EUR 5 billion, out of which EUR 2.5 billion benefits from an EU guarantee. The window will offer a mix of facilities covering: EFSI SME Window both debt and equity financing finance to SMEs and small mid-caps in the EU in early, as well as expansion stages of their life-cycle financing of investment as well as working capital specifically the needs of higher-risk, innovative/ research-intensive companies, start-ups and high-growth SMEs, social enterprises, internationalisation of SMEs.

8 8 The Market Gap for Social Enterprise Finance The main barriers social enterprises face (GECES Mapping): poor visibility and recognition of the sector the constraints of current legal and regulatory frameworks limited financial resources difficult access to markets the lack of investment readiness - lack of business support and development structures, training, and workforce development. Why EU support is needed Mismatch exists between demand and supply (not yet fully quantified) Market imperfections at intermediary level (access and availability of funding, deficient institutional capacities) To provide financing support better suited to the needs of social enterprises.

9 9 Main Results from EPMF interim evaluation ( ), May 2015 Target: 46,000 micro-loans worth 500 M Actual volume (as of 06/2015): >35,000 microloans worth 333 M. On track to achieve the target 23 MS, 83 operations with 63 MFIs Outreach to disadvantaged groups: 59% unemployed, 58% with no formal, or only primary or secondary education female disadvantaged entrepreneurs:37% compare to EU average (compared to 30% EU general level) Progress Microfinance ,800 jobs created or maintained Half of the micro-borrowers state they have been able to increase their turnover since receiving microcredit

10 Building onto EPMF: Social entrepreneurship support under EaSI:

11 11 EaSI Social Entrepreneurship ( ) Overview of products EU budget + Possible coinvestment Guarantees 40M Current status: Under implementation Loans Current status: Design phase/ implemented S Quasi-equity Current status: Design phase/ implemented S Social enterprise investors at national / regional level Investments of of up up to to 500,000 Social enterprises

12 12 EaSI guarantee instrument EaSI guarantee instrument for micro- and social enterprises covering EU28 and pre-accession countries launched in July, 2015 Offers first-loss guarantees and counter-guarantees to financial intermediaries Eligible financial intermediaries financial institutions, guarantee schemes, guarantee institutions, foundations, family offices, social investment funds or other institutions duly authorized to provide loans/guarantees or risk-sharing structures according to the applicable legislation Maximum loan amount to a social enterprise EUR 500,000 Eligible social enterprises with an annual turnover or annual balance sheet not exceeding EUR 30 billion

13 13 EaSI guarantee instrument take-up Operations targeting micro- and social enterprises First EaSI guarantee social enterprise agreement in France approved by the EIF Board. The EIF has identified a strong pipeline of transactions. Microfinance agreements signed with intermediaries in 5 other countries (Ireland, Italy, Netherlands, Romania, Spain) Total guarantee volume of approx. Eur 17m 21 pilot projects from 15 EU countries for developing the supply and demand side of the social finance market have been implemented (since 2013). TA and Capacity Building components of EaSI, focusing on social impact assessment criteria, and enhancing the investment readiness of enterprises, are under development.

14 14 EU Social Impact Investment: Pilot Initiative Under development as a focused intervention under EFSI Equity Platform (SMEW) to target vulnerable and socially excluded groups with focus on refugees and migrants (Phase I) A building block of a more comprehensive package of EU measures tackling the current refugee influx Eur [100] million funding allowing to test the model and explore the opportunity for possible further scaling up / expansion Two interdependent pillars: Social Impact Funds for mobilizing private resources and channeling support to social enterprises catering to vulnerable groups, and developing the social economy (agreed, deployed 2016) Payment-by-results for scaling-up social impact services delivered by the private sector and remunerated upon the achievement of specific social objectives. Includes TA for the development of social impact metrics under EIAH that could be used in procurement (under discussion with EIB)

15 15 EU Social Impact Investment (cont'd) Cooperation between: EC (DG ECFIN and DG EMPL) European Investment Bank European Investment Fund The pilot is an opportunity to: test an innovative way of providing social services, and remedy strained budget capacities of governments shift the focus to results and outcomes achieved, rather than resources invested and activities carried out create viable partnerships and cooperation for progress towards EU 2020 goals.

16 16 Social Impact Fund(s) Mechanism Financial Return Private Investors Investment EFSI Equity Platform Social Impact Fund Repayment Government Payment by results Service Providers Vulnerable Groups Social Enterprises Delivery of social services

17 17 Further planned EU Social Impact Investments Following a phased approach, a mix of instruments will be sequentially rolled-out EaSI Funded instruments (senior loans, subordinated loans and equity) to be launched in S2, building up on Progress Microfinance funded instruments A more impactful instrument pooling resources from EaSI, EFSI, EIB, EIF and potentially from private investors Delivered through a specialized investment vehicle (DIV) Product mix for social enterprises to be developed Uncapped guarantees (under discussion) The planned social investment instruments will be designed to cover current socioeconomic needs (including the refugee influx).

18 Thank you!

European Investment Fund

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