Small and medium-sized enterprises (SMEs) represent over 99% of businesses in the EU, and one of the most important issues they face is the difficulty of accessing funds. Alternative financing (AF) for businesses across Europe has increased in recent years, becoming an important source of finance, but access to these sources varies considerably across Europe with Southern, Central and Eastern European regions lagging Northern and Western European regions.
Altfinator project is brought to life to facilitate the improvement of innovative SMEs and grant them access to alternative financing through capacity building of the financial ecosystem and its participants in the countries where the potential for improvement is highest (focusing on Southern, Central, and Eastern Europe).
Globally and also within Europe, there are countries and regions where the use of alternative finance is widespread; first the Altfinator project studied those regions to uncover the success factors. Afterward, the alternative finance market of the target countries was analysed and mapped. Throughout the project duration, multiple capacity building activities have been implemented.
The H2020 project, ALTFInator facilitated the transfer of best practices from more advanced to less advanced markets, and by designing and implementing a capacity-building strategy to improve the provision and absorption of AF in South, Central and Eastern European countries.
By improve access to AF in target countries,
ALTFInator projects target was:
Mapped and analyze AF ecosystems in South, Central, and Eastern Europe to establish a capacity-building strategy and implementation plan.
Provided information for cross-European online hubs with materials, resources, and tools.
Engaged AF community to support provision and absorption of financing for innovative SMEs
Reviewed project impact and provide the evidence-base for adaption and sustainability of the scheme.
Provide stakeholders at European and international level with information about project activities and achievements.
The project was coordinated by Civitta (Estonia) and had 10 additional high-level industry partners:
- Politecnico di Milano (Italy)
- innomine group (Hungary)
- CrowdfundingHub (Netherlands)
- LOBA – Customer Experience Design (Portugal)
- DOCOMO Digital (Italy)
- PEDAL Consulting (Slovakia)
- Mediapark (Lithuania)
- University of Manchester (United Kingdom)
- European Centre for Women and Technology – ECWT (Norway)
- Zabala Innovation Consulting (Spain)
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