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Deep dive

Six financial instruments of ethical finance

From mutual financing and microloans to the MOBA Accelerator and a microequity fund - an overview of six instruments ZEF has helped develop or implement in Croatia and the region since 2014. The overview includes historical and currently inactive programmes, active pre-financing, partner models and developed models; the status is shown for each instrument.

Mutual financing

Through mutual financing models, ZEF connected members, capital and sustainable projects within the cooperative ecosystem. Investments were equity-type.

€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 programme - it was 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, which provided up to €25,000 per project at 4% fixed interest. The programme is currently inactive and not accepting new financing requests.

€170,000 disbursed · 9 loans

Pre-financing for small fishermen

Loans for pre-financing business investments of small-scale fishers, intended exclusively for registered business entities, not consumers. This is neither consumer credit nor a banking product. Managed by ZEF, financed by BlueMove, with technical assistance for project application and implementation.

Pre-financing and loan repayment after receipt of the EU grant

BlueMove supports the security of the pre-financing; repayment of the loan is expected from the disbursed EU grant. FLAG cooperation, tax exemptions.

MOBA Accelerator

Model developed in cooperation with the European cooperative network MOBA Housing SCE: a revolving fund for affordable housing in Central and Eastern Europe, with medium-term loans up to 3 years covering up to 90% of costs. ZEF took part in developing the model within the MOBA Housing SCE network.

>€15M targeted via bonds

Affordable housing, cooperative housing, capacity building

Microequity innovation fund (ZICER)

The model was developed by ZEF in 2014 for the City of Zagreb. The fund became operational in 2024 and is managed by ZICER. 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