This report by EUROPEAN COMMISSION – Directorate-General for Employment, Social Affairs and Inclusion provides a technical analysis of the finance market for social enterprises. It identifies market failures and funding gaps in social enterprise finance and proposes delivery options for the future EU level financial instruments.

You can read it here:

Or download directly from our website: KE-02-19-962-EN-N

This analysis aims to identify market failures and gaps in social enterprise finance in Europe and recommend delivery options for future EU-level financial instruments. The findings will assist the European Commission in designing the investment strategy for EU-level financial instruments for social enterprise finance, and will notably feed into the preparatory work on the InvestEU Fund. Barbara Scheck and Wolfgang Spiess-Knafl at the European Center for Social Finance have been contracted by the European Commission to prepare this analysis. This publication is an outcome of an assignment financed entirely by the European Union Programme for Employment and Social Innovation “EaSI” (2014-2020). For further information, please consult:


This publication has been prepared within SENBS project No. 2020- 1-EE01-KA204-077999. The content of this publication is the sole responsibility of the project coordinator and may not always reflect the views of the European Commission or the National Agency.