Provides ethical banking and financial support for social entrepreneurship.
The Cooperative for Ethical Financing (ZEF) is a non-profit organisation based in Croatia, established in 2014 with the primary goal of creating the first ethical bank in Croatia. ZEF aims to provide ethical banking alternatives for consumers, focusing on social and environmental responsibility. ZEF offers various financial instruments to its members, including microloans for social entrepreneurs, pre-financing for local action groups, and accounting services for cooperatives. The cooperative also provides non-financial services such as business and financial consulting, and assistance in applying for EU grants and other funds focused on socially and environmentally responsible investments. The criteria to receive funding include having income-generating ideas and avoiding over-indebtedness. Microloans are provided without guaranty and currency clauses, with a maximum interest rate of 4%. ZEF has financed a wide range of activities, including agriculture, architecture projects, IT, media, and food production sectors. Recent projects include setting up the first green electricity supply in Croatia. ZEF has over 1,300 members and operates in six offices throughout Croatia. The cooperative is funded through private funding by members, revenues from provided services, and EU grants through the European Social Fund (ESF) and European Regional Development Fund (ERDF).