CAPITAL MARKET UNION: CREATING NEW OPPORTUNITIES TO SOCIAL ENTERPRISES

The objective of the paper is to examine social enterprises in terms of use of the planned Capital Market Union changes, mainly access to equity and debt instruments. Existing gap in the capital available to the social enterprises (SE) points to significant constraints in banking industry’s financing ability. The author explore the question of what potential opportunities for the development of financial instruments supporting social enterprises sectors can be created in the context of the establishment of the CMU. In the current discussion about CMU much space has been devoted to its impact on the SME sector. However, It doesn't take up the theoretical review of the likely consequences of the project for social enterprises. The analysis of available documents indicate that financing opportunities in the social enterprise sector in the result of CMU project will depend on the scale and scope of the social impact of social enterprises. The main implications of the paper contribute towards understanding how CMU project can translate into diversification and greater availability of financial sources supporting social enterprises, more effective SE funding policy design and more accurate implications forecasting for creating capital market dedicated for SE. Managers of social entrepreneurs will find the results useful for developing their business strategies, being more aware of the possible implications of CMU project.

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