Financial instruments for social economy at regional level: the IFISE project. Bruxelles, 19th April 2018
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1 Financial instruments for social economy at regional level: the IFISE project Bruxelles, 19th April 2018
2 Index 1. The IFISE Project a) Main features b) Initial findings 2. Jeremie ESF in Lombardy a) Description of the initiative b) Results c) Conclusions 2
3 The IFISE Project IFISE is a Multi-regional assistance project under the Fi-compass action, for the assessment of the potential use of financial instruments for Social Economy, supported by the ERDF and ESF, in accordance with Title IV of Regulation (EU) 1303/2013. With the aim to approach the operational feasibility of Innovative Financial Instruments (FIs) within Structural Funds, the action works on capacity building of managing authorities and intermediate bodies, with the final aim to extend the offer of funding instruments to the actors in the wide field of Social Economy. The range of activities involved in the field of Social Economy can be extremely wide, including all those initiatives which respond to societal challenges faced by most European regions (unemployment, youth engagement, social exclusion, ageing, health, wellbeing, natural resources, social agriculture, etc.). Social enterprises are entrepreneurial organizations that innovate to solve social problems and have a positive social and environmental return (in a broader perspective, even enterprises without a core business strictly social can generate a relevant social impact and positively contribute to face such challenges). The implementation of financial instruments for Social Economy, by definition a "quasi-market" sector, needs public support. The Public Sector has to identify the most suitable instrument (combined?) to the characteristics of the "social enterprises" identified as target. 3
4 Index 1. The IFISE Project a) Main features b) Initial findings 2. Jeremie ESF in Lombardy a) Description of the initiative b) Results c) Conclusions 4
5 The IFISE Project: main features Started on 22th September 2017, the project will last 12 months 1 Partners Piedmont (Finpiemonte); Lombardy (Finlombarda S.p.A as affiliated entity of Lombardy Region and Lombardy Region represented by the General Direction, Education,Training and Employment); Andalusia (IDEA - Regional financial and development agency); Valencia (Generalidad Valenciana and Institut Valencià de Finances). 2 Activities Mapping of existing financial instruments for the social sector in Europe and assessment of good practices; Matching between possible FIs and the regional needs, in the framework of the ERDF/ESF OP; Capacity building activity: i) in class training on technical and legal aspects; ii) field work on real cases with the support of external experts. 3 Output Definition of an innovative set of FIs intended for supporting social enterprises/initiatives; Definition of methodologies for impact assessment in Social Economy; Set-up of a replicable training scheme, based on specific modules of in class training with selected experts from different countries. 5
6 Index 1. The IFISE Project a) Main features b) Initial findings 2. Jeremie ESF in Lombardy a) Description of the initiative b) Results c) Conclusion 6
7 Initial findings (1): «spectrum» of Social Enterprises To make a financial instrument for social enterprises effective, it has to be adapted to the nature/type of the target organisation and its specific needs. Primary driver is to create social impact Primary driver is to create financial return Social Enterprises Charities Revenue Generating Social enterprises Socially driven Business Mainstream Enterprises Grants only: no trading Trading revenue and grants Potentially sustainable > 75% trading revenue Break even all income from trading Profitable surplus reinvested Profit distributing socially driven Corporate social responsibilit y company Company allocating percentage to charity Mainstream market company Impact only Not only Impact Finance first Intensity of public support 7 7
8 Initial findings (2): countries with specific legal forms/status for Social enterprises 8
9 Type of social enterprise Initial findings (3): matching expectation of social enterprises with financial needs There is no market for the product and services There will be a market for the product and services Type of business model There is a market for some of the products and services but part of activities will never become self-sustainable There is market for the product and services Impact only grants grants (seed / market access) grants (for the non profit part) grants (seed / market access) Not only impactfinancial return accepted grants (seed / market access) hybrid instruments / loan or guarantee instrument (scaling /expansion) grants (for the non profit part) grants (seed / market access) loan/guarantee instrument hybrid instruments Not only impact - financial return on same level hybrid instruments/ social venture (seed /market access) hybrid/ loan or guarantee instrument (scaling /expansion) For income generating part: loan/ guarantee instrument For the non profit part: grants hybrid instruments/ social venture (seed /market access) hybrid/ loan or guarantee instrument (scaling /expansion) Financial return first, social activity Social venture/ quasi equity (seed / market access) quasi equity / equity (scaling/ expansion) Social venture/ quasi equity (seed / market access) quasi equity / equity (scaling/ expansion) 9
10 Initial findings (3): FIs analysed by the Project partners The analysis includes 54 financial instruments investigated between the 4 project partner, through exploitation of qualitative and quantitative information. It is about different types of financial instruments and from different (European) countries. Geographic scope Country Type of Instrument Intermediary Parameter with without with without with without with without Parameter Parameter Parameter ESI ESI ESI ESI ESI ESI ESI ESI Regional 71% 23% Spain 0% 40% Equity/Quasy equity 7% 43% VC manager 7% 35% National 29% 63% Italy 36% 28% Loan 36% 20% Ethical bank 0% 10% Supra-national 0% 15% France 7% 5% CrowdXXX 0% 5% Foundation 21% 13% UK 7% 10% Microcredit 21% 13% Commercial bank 29% 20% Germany 7% 5% Guarantee 14% 5% Public entity 14% 13% Portugal 7% 0% SIB 0% 5% Others 29% 10% Poland 14% 0% Others 21% 10% Denmark 7% 5% others* 14% 8% * other countries: Belgium, Netherlands, Solvenia, Lithuania, Finland State Aid Scheme Public (Co-)Funding Investment Ticket Investment Fase Parameter with without with without with without with without Parameter Parameter Parameter ESI ESI ESI ESI ESI ESI ESI ESI Yes 71% 23% Yes 100% 45% < 10k 14% 5% Early Stage 57% 28% No 29% 78% No (100% private) 0% 55% ( 10-25k ] 21% 8% Later Stage 7% 25% ( 25-50k ] 29% 3% indiferente 36% 48% ( k ] 7% 13% ( k ] 7% 5% > 200k 0% 28% Not specified 21% 40% 10
11 Index 1. The IFISE Project a) Main features b) Initial findings 2. Jeremie ESF in Lombardy a) Description of the initiative b) Results c) Conclusions 11
12 JEREMIE ESF: a pioneering initiative in Europe When the Fund was created (July 2008), JEREMIE ESF epitomized a pioneering initiative in Europe to implement interventions of financial engineering with the contribution of ESF More adaptable workers and firms Human capital «TYPE A» Co-operatives LOMBARDY REGION ESF OP EMPLOYMENT (800 M ) Axis Axis Axis Axis «TYPE B» Co-operatives Easier access to work Fight against social exclusion in job market «WORKER» Co-operatives Political Priority Reinforcing the social inclusion of disadvantaged people aiming at their sustainable integration in the job market Social Context In Lombardy Region Social Cooperatives play a key role in providing social services and the integration of unemployed and disadvantaged people into the job market. Opportunity Supporting Cooperatives in a new modality to fight against unemployment and social exclusion in a sustainable and subsidiary way Provide health, social or educational services Provide services to integrate disadvantage d people into the job market At least 30% of the members must be from disadvantage d target groups JEREMIE FSE LOMBARDIA (Cooperatives) 12
13 JEREMIE ESF: a multi-policy instrument Supporting access to credit of Cooperatives and their Members operating in the social sector ACCESS TO FINANCE Providing micro-loans to the Cooperative members GROWTH Increasing the capital of Cooperatives POLICY instrument SOCIAL INCLUSION Supporting disadvantaged members EMPLOYMENT Making members more responsible vis-a-vis their social challenges 13
14 JEREMIE ESF: the holding Fund Manager Financial intermediary entitled by the Managing Authority to run the Fund of Fund set up to invest in several typologies of funds providing loans, guarantees or combined instruments FINLOMBARDA SpA About Finlombarda Established in 1971, FL is a Financial Institution fully owned by Lombardy Region FI supervised by Bank of Italy Headquartered in Milan (no branches) Employees: 173 Share capital: 211 M Total Managed Funds: 1,493 M Network EAPB & ANFIR FIN-EN (FEIs for SMEs); EEN (Research & Innovation); EUSALP Main Activities Loans, guarantees and counter-guarantees Management of dedicated Regional and European Funds Planning and support of publicly-sponsored development projects through PPP Advisory to the regional government Holding Fund Manager of all the European FEIs implemented in Lombardy: : Infrastructure Ob.2 Fund, SMEs Loans : Jeremie ESF/ERDF; FRIM ERDF; Made in Lombardy : InnovaLombardia (5 FIs); FREE Fund 14
15 Index 1. The IFISE Project a) Main features b) Initial findings 2. Jeremie ESF in Lombardy a) Description of the initiative b) Results c) Conclusions 15
16 Description of initiative: timeline of FI delegating HOLDING FUND MANAGER Finlombarda SpA managing selecting monitoring REMUNERATION HFM: equal to the accrued interests F. Ints: zero fee for the HFM ESF MANAGING AUTHORITY Lombardy Region establishing JEREMIE FSE LOMBARDIA 17.5 M (Cooperatives) FINANCIAL INTERMEDIARIES a. b. c. MICRO-LOANS 32 M 1 st FINAL RECIPIENTS 8,000 Cooperative Members 2 nd FINAL RECIPIENTS 550 Capitalized Cooperatives EQUITY (5 years) disbursing leveraging disbursing subscribing April 2007 March 2009 April 2009 October 2009 October 2009 December MICRO-LOANS a. Guarantee b. Bullet c. Amortizing TIMING MoU (Lombardy, FL, EIF) Investment strategy approval 1st Call for F.Ints (EC OJ) Selection of F.Ints First Call for Recipients First Microloan disbursed THE INSTRUMENT EQUITY Max 200,000 per cooperative 16
17 Index 1. The IFISE Project a) Main features b) Initial findings 2. Jeremie ESF in Lombardy a) Description of the initiative b) Results c) Conclusions 17
18 Results: main figures EU LEVERAGE FINANCIAL INTERMEDIARIES 4.6x 22% 30% 48% 1 st RECIPIENT - Members of Cooperatives 2 public calls for tender 5 FI selected (9 FI applicants) Federazione lombarda delle BCC Banca Popolare dibergamo Banca Popolare disondrio Banca Popolare di Bergamo Banca Etica Banca Popolare di Milano, Monte Paschi Banca Popolare Commercio e Industria Unicredit. Applications Received 9,500 Applications Rejected 1,500 (16%) Contracts And Members Funded Disadvantaged Persons Supported 8,000 (60% women) 4,400 (55%) 2 nd RECIPIENT - Cooperatives 550 Social Cooperatives (31% of the total Social cooperatives in Lombardy) 53% Cooperatives aimed at the management of social, health and education (social cooperative TYPE A ); 35% Cooperatives that carry out activities aimed at providing employment for disadvantaged people (social cooperative TYPE B ); 12% Cooperatives of production and work 32 M of liquidity injection into the Social Capital (1.5 Billion Total Social Cooperatives turnover in Lombardy) 18
19 Index 1. The IFISE Project a) Main features b) Initial findings 2. Jeremie ESF in Lombardy a) Description of the initiative b) Results c) Conclusions 19
20 Conclusion: a win-win approach Financial and structural strengthening of the Cooperative system as a key player and a policy instrument to support the inclusion of less favoured people in the local labour market. Recipients Disadvantaged people, Member of Cooperatives, Cooperatives More inclusion for the weak categories and more co-responsibility Creation of new job (60% women) and workplace capitalized Capitalization of the Cooperatives Culture of social capital Policy European Inclusion Policy, Reward of the social role of the Cooperatives, Subsidiarity Strong impact on social system (more than 30% of Cooperatives operating in Lombardy funded by Jeremie for at least 5 years) Public Authority Managing Authority, European Commission, Member State Efficiency in the use of public resources A new Self-monitoring and traceability system (ecosystem) A new culture for sustainable investments Leverage of public resources Financial Intermediary Micro-loan guaranteed, Equity New target customers (disadvantaged people) Cooperative system more reliable for banks More interest in Public Policy and their financial implementation 20
21 Argument for debate The current European regulatory framework has introduced a series of interpretative doubts in the implementation of FIs such as Jeremie ESF. Article 37, paragraph 9 of Regulation 1303/2014 states that: The combination of support provided through grants and financial instruments as referred to in paragraphs 7 and 8 may, subject to applicable Union State aid rules, cover the same expenditure item provided that the sum of all forms of support combined does not exceed the total amount of the expenditure item concerned. Grants shall not be used to reimburse support received from financial instruments. Financial instruments shall not be used to pre-finance grants. Under the IFISE project, we are exploring the possibility of implementing FIs with similar characteristics, which are in line with the European regulatory framework 21
22 Thank you for your attention! 22
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