Six financial instruments of ethical finance

From mutual financing and microloans to the MOBA Accelerator and a microequity fund - six proven tools through which ZEF has connected member capital with sustainable projects across Croatia and the region since 2014.

Mutual financing

ZEF connects members with sustainable projects and members willing to invest. Investments are equity-type - ZEF manages capital on behalf of members.

€2M invested since 2014

R&D, renewable energy, agriculture, IT/digitalization

Microloans for rural development

ZEF supported the initial development of Local Action Groups (LAGs) under the LEADER program - the first pre-financing instrument in Croatia.

€300,000 disbursed · 10 loans · 4.5% fixed interest

Enabled an additional €8.6 million in local investments

Microloans for social entrepreneurs

The first fund for social enterprises in Croatia. Up to €25,000 per project at 4% fixed interest.

€170,000 disbursed · 9 loans

Fund temporarily suspended due to unclear legal definition of social enterprises

Pre-financing for small fishermen

Managed by ZEF, financed by BlueMove - technical assistance for application and implementation of small fisher projects.

Loan and repayment after project completion

Financial guarantee, FLAG cooperation, tax exemptions

MOBA Accelerator

Revolving fund for affordable housing in Central and Eastern Europe. Medium-term loans up to 3 years, covering up to 90% of costs.

>€15M targeted via bonds

Affordable housing, cooperative housing, capacity building

Microequity innovation fund (ZICER)

Visionary model developed in 2014 for the City of Zagreb. The first fund in Croatia to mandate measuring social and environmental impact.

Up to €200,000/project · Up to 8% equity · Operational since 2024

Hybrid instruments (equity + loans), public and private capital

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