Action Finance Initiative
_microfinance in Greece_
www.afi.org.gr
Provides access to funding up to 10,000 euros to new and existing businesses and free-of-charge business support and
training
Who we areNon-governmental, not-for-profit organization: founded by
ActionAid Hellas and ADIE, the largest microfinance institution in France
1st and only microfinance institution in Greece to combat financial and social exclusion, to fight unemployment and to
create new jobs
Supported and funded by the Greek Diaspora and
Banking partners through which the loans are disbursed as per the Banking Law. Guarantee is provided jointly by AFI and EIF.
Greek Reality 20152010-2015: dramatic increase of unemployment from 12.7% to 24%
57.7% of unemployed are 25-44 years old
7,4ppts higher unemployment for women
99.8% of all businesses are SMEs
92.4% are micro enterprises
55.2% of employees in private sector are employed by very small enterprises, when in the rest of Europe this percentage is 29.1%
Value added in economy of micro: 33.1%
Organization Goals
To introduce microfinance in Greece, in order to combat financial andsocial exclusion and help unemployed people create their own jobs,
To deliver training, business advice and other Business DevelopmentServices (BDS) to micro-entrepreneurs and unemployed, who want tocreate their own jobs,
To restore, in a society adversely affected by the ongoing crisis, the basicvalues of a social market economy, which are: work, exchange, profit, trustand solidarity,
To improve legal and institutional environment of self-employment, smallbusiness creation and microcredit, as ways to financial and socialinclusion.
What we do
TrainInformAFI
approvesBank
approvesDisburse
LoanMentor
BudgetingCash flowSavings managementProfitabilityTaxationAccounting
Company registrationLegal entities trainingIP rightsLicensing
Business Development Services
Market AnalysisBusiness CanvasBusiness planMarket researchAdvertisingPromotionMarketingUX/UIBlogging
567 people informed
238 people trained
146 loan appraisals
52 AFI Evaluation Committee
47 approved
30 disbursed
Productivity – 1st year of operationsH
EALT
HY
Rat
io 1
:4
VER
Y H
EALT
HY
Rat
io 1
:5
6
Based on disbursed loans
Of the disbursed projects:40% female – 60% male
Working Capital139,660 €
Investments99,440 €
30
COMPANIES
54JOBS CREATED
12 + 42PREVIOUSLY
UNEMPLOYED
(directly & indirectly)
Disbursed239,100 €
Based on all approved loans
Of the approved projects:43% female – 57% male
Working Capital184,730 €
Investments140,920 €
40
COMPANIES
81JOBS CREATED
19 + 62PREVIOUSLY
UNEMPLOYED
(directly & indirectly)
Total credit325,650 €
Average profile of approved loan
Age37.2 years old
Loan amount8,150 €
Loan duration41.7 months
Grace period2,5 months
Industries
35% of projects have exporting activity
Trav
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Hea
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Ente
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Business support services providedGet Started Sessions
Business Model Canvas module
Business Planning Basics module
Business Planning Advanced module
Online Marketing & Social Media
UX/UI module
Exports
Licensing
Mentoring
“Our cooperation was perfect from the first
moment.. The process was a great experience
until completion. The AFI team worked with a lot
of faith and efficiency for my project.”
Costas - Solebike
“We developed the platform thanks to the support of AFI. It was a perfect collaboration, as
the team of AFI was always eager to help.” Dimitris –Workbench
“The situation with the banks is really bad.
Without AFI, I would not have started. They
helped me get access to microcredit and they
supported me all the way with the business plan.”
Tina – Thyme & Olive
“ From planning to implementation, the AFI team provided us with the valuable support and
guidance for our next steps.” George- Quantum IT Solutions
Clients say about us…
Clients say about us…
“When vision meets opportunity, then right
organization will lead to implementation. The
AFI team creates chances, even under adverse
conditions. By focusing on the target and
providing the right guidance they manage to
implement visions like mine.”
George – Bicycle Doctor
“The situation with the systemic banks is really bad. AFI gave me a substantial breath. otherwise
I would have faced serious problems with the viability of my company’.’
George – Waypoints
“A life dream came true, thanks to AFI. It is truly beautiful and scarce in our times to have
someone who will go out of their way to help and support you.”
Mary – Mykonos Bites
“My experience from our cooperation up to now
is excellent and very productive, as their
contribution in the area of business development
was catalytic. This is a cooperation I would like
to develop even further.”
Dimitris – Agrifarm
Risk Management
0 % Bad DebtDespite the capital controls and the banking freeze during summer !
Selected by the European Investment BankAs a recognition for the quality of the launch of the organization and the services provided, AFI has been awarded sponsored technical assistance, training and best practices sharing for one year delivered by the European Microfinance Network, Microfinance Center and Frankfurt Business School.
GreekRecipients
24
Total EURecipients
+ 1
Start-upRecipients
New partnership with UK charity• AFI was selected as the preferred partner to perform
the selection process and disbursement
• Bundle grants and microloans for the first time
• Partnership is currently finalized
• Goal is to launch Q1 2016
• Target: 100 loans/grants combined
• The charity is responsible for fund-raising the grants portion
Solidarity: 25 CxO level volunteers and AFI clients
• Pharma Idea Dietary Supplements/L&R Health & Beauty / Country Manager
• Avon / CFO
• 9AM.gr / CEO
• Ammon ovis / Business Development Director
• Speedex / CFO
• Leto / Clothing Category Manager
• Franchisee at Haagen –Dazs / Business Set up and Financial Consultant
• SEV / Project manager and Business coaching
• Philip Morris / Senior Commercial Finance Executive
• Enterprise Greece / Export consultant
• e-Travel / Product Development Expert UI/UX
• Insite / Advisory Board
• Eurobank / Executive Director – pensioner
• ... and many more
Year 2 targets In
form 400 Trai
n
150 Fun
d
100
Fixe
db
ran
ches
Fixed branch
Amount New hire(s) # of branches
250.000 € - 1
What Target
Loans disbursed 100
Jobs created 115
New financial products 2-3
Qualitative profile 50% of unemployed50% of women40% of young (<35) among clients25% of agri-entrepreneurs
People Informed 400
People trained (unique) 150
Default rate < 10%
Long term growth pillars…beyond pilot project…
Separation of credit structure and BDS
Creation of a Credit company
Expansion all over Greece until 2018
4 fixed branches
3 mobile branches
16 MDOs, 3+2 branch managers
Mobile branch