IDEAS home Printed from https://ideas.repec.org/p/zbw/eifwps/201739.html
   My bibliography  Save this paper

Guaranteeing Social Enterprises - The EaSI way

Author

Listed:
  • Torfs, Wouter
  • Lupoli, Mario

Abstract

This report summarises the current state of the external financing markets of the Social Enterprises targeted by the Employment and Social Innovation (EaSI) guarantee program managed by the European Investment Fund (EIF) and funded by the European Commission. The report starts by elaborating on the interpretation of what constitutes a Social Enterprise under the EaSI program. It goes on to provide an overview of the EaSI Social Enterprise sector in Europe and a discussion of its external financing market challenges. It furthermore discusses the initiatives undertaken by the EIF to address the challenges Social Enterprises face on the debt market. While the EIF has booked significant progress towards improving access to finance of Social Enterprises', a rough approximation of the unmet external financing demand on the market reveals that additional efforts are required to further close the social funding gap.

Suggested Citation

  • Torfs, Wouter & Lupoli, Mario, 2017. "Guaranteeing Social Enterprises - The EaSI way," EIF Working Paper Series 2017/39, European Investment Fund (EIF).
    • Handle: RePEc:zbw:eifwps:201739
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/176669/1/eif-wp-39.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Choi, Nia & Majumdar, Satyajit, 2014. "Social entrepreneurship as an essentially contested concept: Opening a new avenue for systematic future research," Journal of Business Venturing, Elsevier, vol. 29(3), pages 363-376.
    2. Kraemer-Eis, Helmut & Lang, Frank & Torfs, Wouter & Gvetadze, Salome, 2015. "European Small Business Finance Outlook: December 2015," EIF Working Paper Series 2015/32, European Investment Fund (EIF).
    3. Bruhn-Leon, Birthe & Eriksson, Per-Erik & Kraemer-Eis, Helmut, 2012. "Progress for microfinance in Europe," EIF Working Paper Series 2012/13, European Investment Fund (EIF).
    4. Filipe Santos, 2012. "A Positive Theory of Social Entrepreneurship," Journal of Business Ethics, Springer, vol. 111(3), pages 335-351, December.
    5. James Austin & Howard Stevenson & Jane Wei–Skillern, 2006. "Social and Commercial Entrepreneurship: Same, Different, or Both?," Entrepreneurship Theory and Practice, , vol. 30(1), pages 1-22, January.
    6. Jacques Defourny & Marthe Nyssens, 2010. "Conceptions of Social Enterprise and Social Entrepreneurship in Europe and the United States: Convergences and Divergences," Journal of Social Entrepreneurship, Taylor & Francis Journals, vol. 1(1), pages 32-53, March.
    7. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    8. Kraemer-Eis, Helmut & Lang, Frank & Torfs, Wouter & Gvetadze, Salome, 2016. "European Small Business Finance Outlook: December 2016," EIF Working Paper Series 2016/37, European Investment Fund (EIF).
    9. Chatzouz, Moustafa & Gereben, Áron & Lang, Frank & Torfs, Wouter, 2017. "Credit guarantee schemes for SME lending in Western Europe," EIB Working Papers 2017/02, European Investment Bank (EIB).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2020. "European Small Business Finance Outlook 2020: The impact of COVID-19 on SME financing markets," EIF Working Paper Series 2020/67, European Investment Fund (EIF).
    2. Krämer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2023. "The European Small Business Finance Outlook 2023," EIF Working Paper Series 2023/96, European Investment Fund (EIF).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2019. "European Small Business Finance Outlook: June 2019," EIF Working Paper Series 2019/57, European Investment Fund (EIF).
    2. Barbara Bradač Hojnik & Katja Crnogaj, 2020. "Social Impact, Innovations, and Market Activity of Social Enterprises: Comparison of European Countries," Sustainability, MDPI, vol. 12(5), pages 1-15, March.
    3. Kraemer-Eis, Helmut & Lang, Frank & Torfs, Wouter & Gvetadze, Salome, 2016. "European Small Business Finance Outlook: December 2016," EIF Working Paper Series 2016/37, European Investment Fund (EIF).
    4. Pradeep Kumar Hota, 2023. "Tracing the Intellectual Evolution of Social Entrepreneurship Research: Past Advances, Current Trends, and Future Directions," Journal of Business Ethics, Springer, vol. 182(3), pages 637-659, January.
    5. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2020. "European Small Business Finance Outlook 2020: The impact of COVID-19 on SME financing markets," EIF Working Paper Series 2020/67, European Investment Fund (EIF).
    6. Adélie Ranville & Marcos Barros, 2022. "Towards Normative Theories of Social Entrepreneurship. A Review of the Top Publications of the Field," Journal of Business Ethics, Springer, vol. 180(2), pages 407-438, October.
    7. Xiaoti Hu & Susan Marlow & Angelika Zimmermann & Lee Martin & Regina Frank, 2020. "Understanding Opportunities in Social Entrepreneurship: A Critical Realist Abstraction," Entrepreneurship Theory and Practice, , vol. 44(5), pages 1032-1056, September.
    8. Gupta, Parul & Chauhan, Sumedha & Paul, Justin & Jaiswal, M.P., 2020. "Social entrepreneurship research: A review and future research agenda," Journal of Business Research, Elsevier, vol. 113(C), pages 209-229.
    9. Laura Rodrigo & Isabel Ortiz-Marcos & Miguel Palacios, 2024. "A typology of social innovation: A comparative study of clustering methodologies," International Entrepreneurship and Management Journal, Springer, vol. 20(4), pages 3283-3322, December.
    10. Pradeep Kumar Hota & Balaji Subramanian & Gopalakrishnan Narayanamurthy, 2020. "Mapping the Intellectual Structure of Social Entrepreneurship Research: A Citation/Co-citation Analysis," Journal of Business Ethics, Springer, vol. 166(1), pages 89-114, September.
    11. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2021. "European Small Business Finance Outlook 2021," EIF Working Paper Series 2021/75, European Investment Fund (EIF).
    12. Douglas, Evan & Prentice, Catherine, 2019. "Innovation and profit motivations for social entrepreneurship: A fuzzy-set analysis," Journal of Business Research, Elsevier, vol. 99(C), pages 69-79.
    13. Reeti Kulshrestha & Arunaditya Sahay & Subhanjan Sengupta, 2022. "Constituents and Drivers of Mission Engagement for Social Enterprise Sustainability: A Systematic Review," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 31(1), pages 90-120, March.
    14. Ritesh Shahi & Nadiya Parekh, 2022. "Financing Social Enterprises: An Upper Echelon Perspective," FIIB Business Review, , vol. 11(2), pages 235-250, June.
    15. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2019. "European Small Business Finance Outlook: December 2019," EIF Working Paper Series 2019/61, European Investment Fund (EIF).
    16. Etayankara Muralidharan & Saurav Pathak, 2019. "Consequences of Cultural Leadership Styles for Social Entrepreneurship: A Theoretical Framework," Sustainability, MDPI, vol. 11(4), pages 1-19, February.
    17. Singaram, Raja & Radu-Lefebvre, Miruna & Gartner, William B., 2023. "Gordian knot uncut: Understanding the problem of founder exit in social ventures," Journal of Business Venturing Insights, Elsevier, vol. 19(C).
    18. Lucia DURAC & Liliana Mihaela MOGA & Ionica SIMBANU & Daniel TECU, 2023. "A Comparative Analysis Between Social Entrepreneurship and Corporate Entrepreneurship," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 69-77.
    19. Tykkyläinen, Saila & Ritala, Paavo, 2021. "Business model innovation in social enterprises: An activity system perspective," Journal of Business Research, Elsevier, vol. 125(C), pages 684-697.
    20. Philip T. Roundy & Michaël Bonnal, 2017. "The Singularity of Social Entrepreneurship: Untangling its Uniqueness and Market Function," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 26(2), pages 137-162, September.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:eifwps:201739. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/eifunlu.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.