2.7.2.3 Financing of resources

Article 8 of the Social Entrepreneurship Law of 2011 indicates various types of capital resources for the financing of a Koinsep. The first type is the capital of the founding members, which comprises the capital from the purchase of the Koinsep’s initial cooperative shares or from the issuance of new cooperative shares.1 Any Koinsep is also eligible to receive grants and subsidies from: (i) national investment programmes and funds; (ii) the EU; (iii) international or national organisations; and (iv) local governments.2 Any Koinsep is also eligible to participate in publicly funded schemes promoting entrepreneurship and employment, which are jointly financed by the EU and the Greek state and implemented by the Greek Manpower Employment Organization (hereafter ‘OAED’) that claims financing from the Social Economy Fund.3 The Social Economy Fund is a financing instrument to support registered Koinseps by providing initial financing for its business activities. Although this Social Economy Fund was introduced by the Social Entrepreneurship Law of 2011 and was repeated in the latest amendment of 2016, its establishment has not yet been fully realised.4 Finally, any Koinsep is entitled to bequests and donations. However, as of 30 April 2017 there is no legal and institutional framework to clarify the financing opportunities for Koinseps from donations and bequests.5