The recent financial crisis has brought about unprecedented unemployment rates, which in turn has led to multiple negative social externalities. At the same time, the lack of liquidity in the economy and the exclusion of new and existing entrepreneurs from the banking sector result in additional limitations in any turn-around dynamics and people’s capacity to effectively re-bounce.
In this context, AFI has been established to provide an alternative to paid unemployment by giving financial access to micro entrepreneurs (with a focus on the most vulnerable: unemployed, youth, women) who want to create or develop their own company and thus job. By creating employment opportunities, AFI seeks to contribute to the restoration of social and economic security at the base of the pyramid in the Greek society, which is shattered by an ongoing, multi-year crisis.
Apart from the access to funding, AFI is providing free-of-charge Business Development Services (business support, coaching and mentoring) with the unparalleled contribution of volunteers from various sectors and industries of the Greek economy.
The pool of volunteers is split 50% function experts, 30% industry experts and the rest generalists. At the same time, the pool has representation from senior executives from the private and public sector, the banking sector as well as entrepreneurs that have gone through the path of opening up a new company. They provide their skills and knowledge for free in the following areas: 3 years financial planning and budgeting, online marketing, business development, legal counseling, licensing and exporting.
Very recently AFI signed a strategic partnership with the organization "The People's Trust" in order to introduce for the first time in Greece the synergized combination of microloans with grants, reducing the total cost of borrowing, without eradicating the benefits and values of microfinance.