Finance and cooperation

Third sector, here is how much social finance weighs in Italia

Cgm Finance, a consortium system supporting social cooperation, reported an 8.5% growth in loans (27.1 million) in 2025

by Daniela Russo

26 March 2026

3' min read

Translated by AI

Versione italiana

Key points

The challenges imposed by the "permacrisis"
The Cgm Finance model
A critical look into the future

3' min read

Translated by AI

Versione italiana

Social finance shows signs of resilience in 2025. Despite strong geopolitical instability and market volatility, there is a recovery in financing and a strengthening of some operational indicators. At the same time, however, critical issues related to access to credit and the ability to transform available resources into actual investments in the social economy persist. This is what emerges from the data of Cgm Finance, the financial consortium that supports the development of social cooperation, which closes the year with an increase in loans and a strengthening of its social base.

The challenges imposed by the "permacrisis"

The year 2025 is part of a phase that many operators now describe as a 'permacrisis', characterised by a succession of global shocks: from the Covid-19 pandemic to geopolitical tensions and the increasingly evident effects of climate change. Against this backdrop, financial markets have also experienced volatility and uncertainty.

However, the reduction in interest rates initiated by the European Central Bank between 2024 and 2025 has helped to reactivate credit, encouraging a resumption of financing also in the non-profit sector. Against this backdrop, Cgm Finance recorded total loans of EUR 27.1m in 2025, up 8.5% compared to 2024. New resolutions amounted to EUR 16.9m, up from EUR 16.2m in 2024, while funding stood at EUR 33.6m, a smaller increase (+1%) after the previous year's sharp jump.

A relevant element concerns the structure of the loans, which are increasingly oriented towards the medium to long term: 87% of the transactions have a duration between 12 and 60 months, with a growth in transactions with a duration of more than five years. "The lengthening of financing is an important element because it allows organisations to better plan investments," emphasises the president of Cgm Finance, Francesco Abbà.

The Cgm Finance model

Underlying these results is the mutualistic model on which Cgm Finance operates, representing the financial arm of the Cgm network of over 630 cooperatives and social enterprises and more than 42,000 workers. The system works by collecting resources from members with cash surpluses, which are then used to finance other members. Deposits were remunerated in 2025 at an average rate of 2.21 per cent, while loans were disbursed at an average rate of 4.40 per cent.

The social base of Cgm Finance continues to grow: as at 31 December 2025 there were 437 members, with 23 new entries during the year, including social cooperatives, consortia, foundations and associations. The network is spread throughout Italy, with a greater concentration in the north of Italia but with operations also in the south.

A significant contribution to business development came from European guarantee instruments. In particular, the agreement with the European Investment Fund (EIF), within the InvestEU programme, has strengthened access to credit for social enterprises. The guarantee covers up to 80% of the financing risk for a period of up to 12 years and has helped to improve access conditions for beneficiaries. Over the past five years, guaranteed operations have exceeded 280, totalling more than EUR 45 million.

A critical look at the future

Alongside the positive elements, however, some structural criticalities remain. The first issue concerns access to credit: while there are a large number of non-profit organisations active in Italia, only a limited number manage to establish stable relations with the financial system. Several factors influence this, including the prudential requirements applied by banks and the time required for preliminary investigations.

Possible lines of development concern both the supply side and the demand side. On the one hand, there is a need to strengthen guarantee instruments and to develop financial products with longer time horizons, consistent with the nature of social investments. On the other, there is a need to support the capital strengthening of organisations and to improve their financial planning capacity.

The non-profit sector continues to confirm a certain resilience even in times of crisis, with signs of growth in terms of employment and business volumes. However, the challenge of making the link between finance and social development more effective remains open, strengthening an ecosystem that, although showing signs of evolution, has not yet expressed its full potential.