AFI, Greece

AFI provides access to finance and Business Development Services (BDS) to small, disconnected entrepreneurs.

The financial crisis in Greece has brought about unprecedented unemployment rates and multiple socioeconomic consequences, including a low appetite for risk among Greece’s leading banks. The banking sector’s exclusion of small entrepreneurs from higher risk groups is a significant limitation, affecting people’s capacity to bounce back. This is compounded by the fact that Small and Medium Enterprises in Greece employ more than 50% of the working population.

To address this issue, Action Finance Initiative (AFI) helps small and aspiring entrepreneurs access the credit they need to launch their own venture – or to keep an existing business afloat – by supporting them in the loan application process for microloans with its banking partners.

AFI’s support goes to those who are least likely to get access to traditional funding from mainstream financial institutions, for example, micro and first-time entrepreneurs, many of whom are women, youth, people from a migrant background or from Greece’s disadvantaged rural areas. Not only does AFI help these entrepreneurs with their loan applications, it also offers tailored advice and training before, during and after the creation of their businesses to strengthen their sustainability.

The two-year collaboration between the Trafigura Foundation and AFI (2019 – 2020) aims to continue building AFI’s support to small, disconnected entrepreneurs, helping 400 access micro-loans and leading to the creation of more than 600 new jobs.

Our collaboration will also build on a lasting partnership with AFI since 2016, to provide a final hand in strengthening AFI’s outreach and positioning as a sustainable finance and BDS provider.

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Key figures

82

microloans disbursed in 2018

260

people attended AFI's training in business development in 2018

82 microloans disbursed in 2018
260 people attended AFI's training in business development in 2018

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