[MGSA-L] Crowdfunding: Act4Greece with Innovative Social and Developmental Banking

[June Samaras]

Crowdfunding: Act4Greece with Innovative Social and Developmental Banking

http://www.greeknewsagenda.gr/index.php/topics/business-r-d/5831-crowdfunding-act4greece-with-innovative-social-and-developmental-banking

For the first time in Greece, a pioneering fundraising initiative has been
created to serve the real needs of the Greek economy and society. The
act4Greece program is an innovative initiative of the National Bank of
Greece, which serves as an online platform for collecting donations and
resources that promotes social and developmental banking by means of
crowdfunding and supports actions in Greece that concern the community, the
environment and sustainable growth, through the key action areas of social
welfare, solidarity and entrepreneurship.

Created by Crowdpolicy, a pioneering company in the CrowdSourcing and
CrowdFunding fields in the Greek and European Μarket, this first-ever
crowdfunding – or “participative financing” – platform  enables the
gathering of resources from the “crowd” – from anyone interested, wherever
they may be in the world – and then directs them specific projects
undertaken by implementing organizations and foundations of international
standing in the fields of Welfare, Health and Solidarity, Social Economy
and Entrepreneurship, Culture and Cultural Entrepreneurship, Research,
Education and Training, Young and Innovative Entrepreneurship, Environment
and Sustainability and Sporting Activities.

Cowdfunding Act4greece

The core philosophy of crowdfunding is to enhance awareness among the
public and to motivate people to contribute to the implementation of
projects that are needed by Greek society. The various act4Greece actions
are being implemented by bodies with a solid track record in such activity
by leveraging the potential of the crowdfunding financing model. The funds
for act4Greece are raised through donations for the time being and as soon
as the appropriate institutional framework is in place they could also be
through lending (especially small loans) and equity participation by
supporting innovative business start-ups.

Speaking at the launch event of the Act4Greece program last week (1.2),
Greek Prime Minister Alexis Tsipras called for everyone- the government,
the public and the private sector- to join forces and help the country get
out of the crisis with society remaining unwounded and expressed hope that
the successful completion of banks recapitalization opens the way for the
return of deposits, the efficient management of loan portfolios and more
cheap money channeled in the real economy. The PM highlighted the
importance of small and medium-sized enterprises as the main thrust for
economic recovery and viewed the role of Banks as critical in re-boosting
the economy’s engine. Any attempt to exit the crisis must first see a
consolidation of the banking system, he noted, and banks should have the
opportunity to once again play their social and economic role by improving
liquidity and financing.

The Prime Minister recognized the value of participative and social forms
of funding for development such as Act4Greece, which brings together
innovation and social and developmental banking in order to give start-ups
access to alternative forms of financing, to improve liquidity and to
restart Greece's economy.

TheAct4Greece program is run by the National Bank of Greece in strategic
cooperation with organizations and foundations of international standing,
such as the John S. Latsis Foundation, the Bodossaki Foundation, the
Alexandros S. Onassis Foundation, the Hellenic National Commission for
UNESCO and the Hellenic Network for Corporate Social Responsibility.

-- 
June Samaras
2020 Old Station Rd
Streetsville,Ontario
Canada L5M 2V1
Tel : 905-542-1877
E-mail : june.samaras at gmail.com
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