Page 144 - Social Enterprise A New Business Paradigm for Thailand

through which IIX produces impact investment research and disseminates success stories from
the field.

As of today, IIX has mobilized more than 215 million USD, improving the lives of over 150 million

people across more than 40 countries in Asia, Africa, and Latin America. Other notable social stock
exchanges include the Social Stock Exchange (SSX) in the United Kingdom, established in 2013,
and B3 S.A. in Brazil, which was formed through the merger of the São Paulo Stock Exchange and
the Brazilian Mercantile and Futures Exchange (BM&F) (Hayes, 2023). In 2017, Social Venture
Connexion (SVX) was launched in Ontario, Canada, as a government-supported platform aimed
at helping impact-focused investors fund enterprises that deliver measurable social and
environmental outcomes. The National Stock Exchange of India (NSE) followed in 2022 with the

launch of its own Social Stock Exchange (SSE), designed to support mission-driven organizations
through access to equity, debt, and other financial instruments (Global Data).

7. Credit Guarantee Organizations
Credit guarantee organizations serve to underwrite loans on behalf of lenders, thereby reducing
financial risk and expanding access to credit for micro-borrowers and high-risk individuals
engaged in social activities. These organizations operate across many countries. One notable
example is the Grameen Credit Agricole Foundation, a collaborative initiative between Grameen
Bank and a consortium of French banking institutions. The foundation provides microfinance

services to disadvantaged populations in over 40 countries worldwide. Further details can be
found in Appendix 4.1.

4.2.2 Financial Instruments
Financial instruments refer to financial assets, which may include cash, bank deposits, contractual
rights, or equity in other enterprises, such as shares. These instruments serve as critical tools for
social enterprises, providing seed capital, operating funds, or ongoing income streams that enable
sustainable growth. In practice, social enterprises typically rely on several core types of financial

instruments: equity investments in businesses, loans from conventional financial institutions or
those tailored for social enterprises, quasi-equity investments (which confer no ownership rights
or voting power), grants from the government, philanthropic foundations, or social purpose
foundations, and debt guarantees.

Studies from countries with well-established social enterprise sectors have shown that social
entrepreneurs depend heavily on grants, accounting for 36 percent of funding in the United
Kingdom and 30 percent in Sweden. In contrast, reliance on loans is relatively low: only 4 percent
in the UK and just 1 percent in Sweden (Popov, Veretennikova, and Kozinskayo, 2019). Another

significant revenue source for social enterprises in the European Union is government

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