Funds For Good Impact (a Europe-wide social enterprise) has supported 1,048 projects and created 1,192 jobs since its creation in 2013, the association's annual report released on Friday showed.
The 1,000 entrepreneurs received interest-free loans between €500 and €15,000 from Funds For Good Impact. According to the report, 38% of borrowers were female and 62% male. Most supported projects are shops (29%) and hospitality businesses (23%).
The financing was granted mostly to projects in Belgium, but also France, Luxembourg and Spain. In Belgium, the highest proportion of projects was Brussels-based (36%).
What's the deal?
Among others, the organisation's website lists flower shops, hair salons, content creators, virtual game rooms and graphic designers as beneficiaries.
Funds for Good Impact is a nonprofit that provides financing and support to small entrepreneurs. It introduced the "loan of honour" in Belgium in 2013, a type of loan with a 0% interest rate and a repayment grace period of up to 24 months.
According to its report, Funds for Good Impact invested €2.05 million in "loans of honour" since 2013.
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The nonprofit is funded by a sister commercial company by the name of Funds for Good Invest. The company donates 50% of its profits to Funds for Good Impact, according to the report.
Funds for Good also announced that it joined forces with Réseau Entreprendre and microfinance institution microStart to create a fund that supports job creation. MicroStart is already the organisation's biggest partner, being involved in 71% of the projects it managed, according to the 2022 report.
Funds for Good Impact's association with Réseau Entreprendre and microStart comes weeks after an EU deal unlocked funds of €30 million for microStart to provide to small Belgian entrepreneurs.
