Transaction Costs Support for social finance intermediaries

Expected Outcome: The general objective of the call is to further develop the social enterprise finance market by supporting the social finance intermediaries to provide the needed capital to social enterprises and mission-driven enterprises. In this direction, the call builds upon previous similar calls and aims above all to support social finance intermediaries who undertake long-term risk capital investments in social enterprises and mission-driven enterprises. Therefore, the key objective of the present call of proposals is to catalyse risk capital investments below EUR 1 000 000 that otherwise would not happen in the area of social enterprise finance. The call aims to support the transaction costs for these low value investment tickets and thus to help to overcome the identified market failure / mismatch in the social investment market. The present call also encourages the European (trans-national) and innovative dimension of social finance schemes and support towards emerging social finance markets, e.g. via cross-border investments and cooperation, dissemination of good practices, etc. Under this call for proposals, the transaction costs support scheme will take the form of a grant, and it can be combined with financial instruments as means to address the mismatch of needed and sustainable ticket sizes. By transaction costs, this call for proposals understands the different costs linked to these investments, such as due diligence related costs, legal advice fees, trave…bron

• Gericht op financiële intermediairs die langetermijn-risicokapitaalinvesteringen doen in sociale ondernemingen en missiegedreven ondernemingen
• Investeringstickets moeten kleiner zijn dan EUR 1.000.000
• Investeringen moeten plaatsvinden in EU-lidstaten en ESF+ geassocieerde landen
• Langetermijnkapitaalinvesteringen kunnen de vorm aannemen van equity, quasi-equity of hybride financiering
• Maximaal EUR 1.000.000 per begunstigde over een periode van 18 maanden
• Subsidies mogen alleen transactiekosten dekken (due diligence, juridisch advies, reiskosten, bedrijfsontwikkelingsteun, impact measurement)
• Aanvraag moet leesbaar, toegankelijk en afdrukbaar zijn, niet meer dan 40 pagina's

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• Transaction Costs Support for social finance intermediariesEU-portaal (SEDIA) · ec.europa.eu7 jul 2026
  Toon brontekst

  Transaction Costs Support for social finance intermediaries
  
  Topic: ESF-2026-AG-TCS
  Call: ESF-2026-AG-TCS — Transaction Costs Support for social finance intermediaries
  Programma: ESF (2021 - 2027)
  
  == Beschrijving ==
  Expected Outcome:
  The general objective of the call is to further develop the social enterprise finance market by supporting the social finance intermediaries to provide the needed capital to social enterprises and mission-driven enterprises.
  In this direction, the call builds upon previous similar calls and aims above all to support social finance intermediaries who undertake long-term risk capital investments in social enterprises and mission-driven enterprises. Therefore, the key objective of the present call of proposals is to catalyse risk capital investments below EUR 1 000 000 that otherwise would not happen in the area of social enterprise finance. The call aims to support the transaction costs for these low value investment tickets and thus to help to overcome the identified market failure / mismatch in the social investment market.
  The present call also encourages the European (trans-national) and innovative dimension of social finance schemes and support towards emerging social finance markets, e.g. via cross-border investments and cooperation, dissemination of good practices, etc.
  Under this call for proposals, the transaction costs support scheme will take the form of a grant, and it can be combined with financial instruments as means to address the mismatch of needed and sustainable ticket sizes.
  By transaction costs, this call for proposals understands the different costs linked to these investments, such as due diligence related costs, legal advice fees, travel costs, business development support costs, support towards establishing an impact measurement and management plan or system, etc.
  Scope:
  The action grants are aimed at financial intermediaries that undertake long-term risk capital investments in ticket sizes of less than EUR 1 000 000 in social enterprises and mission-driven enterprises in EU Member States and ESF+ Associated Countries.
  The long-term capital investment can take the form of:
  equity, understood as the provision of capital to a firm, invested directly or indirectly in return for total or partial ownership of that firm and where the equity investor may assume some management control of the firm and may share the firm’s profits.
  quasi-equity, understood as a type of financing that ranks between equity and debt, having a higher risk than senior debt and a lower risk than common equity. Quasi-equity investments can be structured as debt, typically unsecured and subordinated and in some cases convertible into equity, or as preferred equity.
  or hybrid financing, understood as any flexible form of repayable finance combining the characteristics/features of at least two of the three financing instruments: grant, debt, and equity.
  The action grants should serve to cover part of the transaction costs for these small investment tickets and thus help overcome a market failure in the social enterprise finance market.
  The long-term risk capital investment can reach per investee at maximum EUR 1 000 000 over a period of 18 months.
  This means that if a second investment in the same social enterprise or mission-driven enterprise takes place within less than 18 months from the first investment and this raises the cumulative amount invested above the limit of EUR 1 000 000, the costs of the activities related to the first investment become ineligible for grant support, and any related payments already made by the Commission will be subject to recovery.
  
  == Voorwaarden (topic conditions) ==
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  Conditions
  1. Admissibility conditions: Proposal page limit and layout
  described in the call document.
  Applications must be submitted before the call deadline and electronically via the Funding & Tenders Portal Electronic Submission System. Paper submissions are NOT possible.
  Applications (including annexes and supporting documents) must be submitted using the forms provided inside the Submission System.
  Applications must be complete and contain:
  Application Form (Part A)
  Application Form (Part B)
  Annexes and supporting documents (to be uploaded as PDF files).
  At proposal submission, the lead applicant will have to confirm that it has the mandate to act for all applicants; that the information in the application is correct and complete and that the participants comply with the conditions for receiving EU funding (especially eligibility, financial and operational capacity, exclusion, etc.) Before signing the grant, each beneficiary and affiliated entity will have to confirm this again by signing a declaration of honour (DoH).
  Applications must be readable, accessible and printable, not exceeding 40 pages.
  2. Eligible countries
  described in the call document.
  EU Member States (and their overseas countries and territories);
  EEA countries, in accordance with the EEA Agreement;
  EU acceding countries, candidate countries and potential candidate countries, in line with the agreements concluded with them.
  Third countries having signed an agreement to participate in the strand or a third country listed in the EaSI work programme if necessary for the achievement of the objectives of an action.
  Do note that for certain calls only EU Member States and EEA countries are eligible.
  3. Other eligibility conditions
  See in the call document for full explication per topics.
  4. Financial and operational capacity and exclusion
  See details in the call Document.
  5a. Evaluation and award: Submission and evaluation processes
  See details in the call Document.
  5b. Evaluation and award: Award criteria, scoring and thresholds
  Seee details in the call documents.
  5c. Evaluation and award: Indicative timeline for evaluation and grant agreement
  described in the call document.
  To be completed on a call-by-call basis.
  6. Legal and financial set-up of the grants
  Call document and annexes:
  Call document
  Application form templates
  Standard application form (ESF and SOCPL) — the application form specific to this call is available in the Submission System
  Model Grant Agreements (MGA)
  ESF and SOCPL MGA
  Additional documents:
  ESF+ Annual Work Programme
  ESF+ Regulation 2021/1057
  EU Financial Regulation 2024/2509
  Rules for Legal Entity Validation, LEAR Appointment and Financial Capacity Assessment
  EU Grants AGA — Annotated Model Grant Agreement
  Funding & Tenders Portal Online Manual
  Funding & Tenders Portal Terms and Conditions
  Funding & Tenders Portal Privacy Statement