More than one in three children in Romania lives in poverty. Only 6% of adults with disabilities have access to employment. Meanwhile, thousands of social entrepreneurs working to change these realities still face a major obstacle: lack of access to tailored financing.
This was the central theme of the national conference “Mission Possible: Removing Financial Barriers for Social Entrepreneurs”, held in Bucharest on June 12, 2025, and co-organized by ADV Romania Group, AFIN, and the Social Finance Association (SFA). The event brought together policymakers, ethical investors, banking representatives, and social economy leaders from across Europe.
The Diagnosis: Financial Exclusion Blocks Social Innovation
In Romania, access to finance for social enterprises remains sporadic and underdeveloped. Traditional banks are reluctant to support social businesses, perceiving them as high-risk due to their hybrid models and focus on long-term community impact over quick financial returns.
The Potential: Over 100,000 New Jobs in 5 Years
According to the Social Finance Association, Romania could generate over 100,000 new jobs in just five years if 5,000 social businesses were launched annually. That potential can only be unlocked if ethical finance becomes more than a niche—if it becomes a pillar of national economic development.
The conference sent a clear message: social entrepreneurs are not just problem-solvers—they are opportunity creators. What they need now is a financing system that understands their mission and grows with them.
“Social economy is the missing link between anti-poverty policies, the labour market, and the green transition. With the right financial instruments, political will, and genuine partnerships, this sector can become the main driver of social inclusion in Romania.” – Angela Achiței, President of ADV Romania Group and Founder of AFIN IFN SA.
“Ethical finance does not compete with the banking system – it complements it. And it is possible.” – Bogdan Merfea (Social Finance Association)
Lessons from Europe
Participants from countries such as Italy, France, and Spain shared insights into how ethical finance ecosystems can enable sustainable change:
Gabriele Giuglietti (Banca Etica, Italy): “In Italy, we finance cooperatives that manage 85% of our home care services. These are long-term investments in social cohesion.”
Cyrille Langendorff (Phitrust, France) explained the need for what he called “patient capital”: “Social enterprises need more than money. They need time, trust, and support to build lasting impact. That’s why we provide capital with no rush for return, and governance mentoring along the way.”
“We have applied a set of principles to our work, which we are trying to translate into reality through financial practice. It is a conscious choice we have made.” – Daniel Sorrosal (FEBEA)
Other contributions came from representatives of the European Commission, the European Investment Fund, Mastercard, UniCredit, and national banking institutions, who underlined the need for co-designed financial tools, public guarantees, and better alignment between investors and social needs.
“It is an honour to be part of this event at such an important moment, within a very dynamic context for social economy and social finance.” – Brigitte Fellahi-Brogneaux (Head of Unit G3, European Commission | Social and Inclusive Entrepreneurship | DG EMPL)
The ImpaktEU–AFIN Agreement
One of the most significant outcomes of the event was the signing of a new financing agreement between ImpaktEU and AFIN. This partnership will enable the development of tailored financing products for social enterprises in Romania, marking a turning point in the effort to build a functioning ecosystem for ethical finance.
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