Invest for Change

Date

2025 - 2028

Donor

European Union (DG NEAR)

Partners

Impact Europe (European Venture Philanthropy Association)- Coordinator, Partners: Partners Albania (Albania), Foundation 787 (BH), Smart Kolektiv (Serbia), ADP-ZID (Montenegro), ICT Kosovo (Kosovo), ARNO (N. Macedonia)

Keywords

Impact investment, Social Entrepreneurship, Green Entrepreneurship, Impact Fund, Western Balkans, Inclusion, Ecosystem building

Despite more than a decade of international investments, the social economy in the Western Balkans remains underdeveloped. Social enterprises often rely on grants, face limited access to finance, and lack recognition beyond small community-focused initiatives. Impact investing is still poorly understood and under-supported, while young entrepreneurs struggle with brain drain, unemployment, and weak local financial markets. At the same time, the region is facing socio-economic challenges such as corruption, economic instability, and slow policy reforms, all of which hinder the growth of impact businesses that could provide inclusive and sustainable solutions.

Objectives of the project:

Improve access to finance for impact-driven businesses through new and existing financing vehicles.
Strengthen the management capacities of social enterprises, cooperatives, and support organizations to grow and sustain their impact.
Foster collaboration and build communities of impact investors at regional and local levels.
Enhance policy dialogue, awareness, and education on social economy and impact investment in the Western Balkans.

Main activities:

Access to Finance: Establishment and support of impact funds and financing vehicles to provide both financial and non-financial support to social enterprises.
Capacity Building: Tailored training, mentoring, and acceleration/incubation programs for impact entrepreneurs and support organizations.
Collaboration: Regional and local events, stakeholder engagement, and creation of investor communities to mobilize resources and build partnerships.
Policy and Awareness: Policy dialogue with decision-makers, advocacy for stronger frameworks, and awareness-raising campaigns on social entrepreneurship and impact investing.

Highlights:
A major innovation of Invest for Change is the exploration of sustainable financing models. In N. Macedonia, ARNO will take the lead in exploring how to establish a fund for continuous support of impact enterprises, ensuring long-term financial sustainability and reducing dependence on short-term donor funding.