Fact panel
| Investee: Crédal | Investor: Ethias |
|---|---|
| Sector: Social impact first finance (social) | Range of Investment ticket: <€5 million |
| Type of organisation: Cooperative | Sector: Sectors linked to environmental and societal challenges. |
| Yearly turn-over: €2,2 million | Type of investor: Insurance company |
| Type of investee: C | Type of investment: Private debt |
| Country of investee: Belgium | Expected return (of the fund): Similar to market return |
| Investment strategy of Ethias: Impact Investment | Specifics: Institutional investor, connections in the impact eco-system |
| Ticket size of the investment: €5 million | Some LPs: N/A |
| Year of investment: 2025 |
The what: Crédal, a C-type fund
Problem addressed
Despite strong banking infrastructure, many individuals, social entrepreneurs and social economy actors in Wallonia and Brussels face significant barriers to accessing financial services. They are often excluded by banks due to low income or profitability, lack of collateral, or perceived risk, despite their societal added value. This exclusion hampers poverty reduction, job creation, and the development of inclusive, sustainable initiatives, leaving a financing gap for mission-driven projects and underserved populations evident across Belgium’s regions.
Solution provided by Crédal
For over 40 years, Crédal has been a pioneer of inclusive and ethical finance in Belgium, offering both financial and non-financial support to initiatives that prioritize social impact over profit. As an impact-driven social finance cooperative, Crédal offers investors a unique opportunity to generate significant social and environmental returns for society by accepting a lower direct financial return.
The funds invested by the cooperative’s 4,200+ members are allocated entirely to granting tailor-made loans for social entrepreneurs and social economy actors, and microcredit for individuals who face barriers to traditional credit bank.
Crédal combines its financial tools with tailored coaching, training, and governance support to enhance project viability and long-term impact. The organizations that Crédal support operate across nine key social and sustainable sectors in Wallonia and Brussels: social justice, healthcare access, decent housing, socio-professional integration, childhood development, culture, citizenship and social cohesion, sustainable food systems, local economy, energy transition, and environmental protection.
Aligning its work with the UN Sustainable Development Goals, Crédal integrates social criteria into its credit assessments and ensures transparency by publicly disclosing its list of clients. With nearly €500 million in financing granted to over 12,700 beneficiaries and more than 3,500 projects supported, Crédal exemplifies how social impact first finance and advisory tools can foster sustainable and positive impact.
The how: Ethias, an insurance company with a dedicated impact strategy
General presentation of Ethias
Ethias is a leading Belgian insurer and responsible investor, committed to embedding environmental, social, and governance (ESG) principles across all aspects of its operations, including life and non-life insurance, direct investments, and asset management. Its sustainable investment strategy has been strengthened through the allocation of capital to green bonds, private debt instruments linked to ESG objectives, and comprehensive annual ESG assessments.
In 2024, Ethias strengthen its impact commitment by formalizing its strategy and making its first investments aligned with its own definition.
Intentionality
The impact investing policy reflects Ethias’s explicit and strategic commitment to driving measurable social and environmental change alongside financial performance. Grounded in a long-term vision for sustainability, the strategy is to intentionally channel capital into initiatives that tackle structural environmental and societal challenges such as youth poverty, public health disparities, biodiversity loss, and social housing needs. These themes are rooted in the Sustainable Development Goals (SDGs). Ethias prioritizes projects that foster a fair ecological transition that leaves no one behind. The partnership with Crédal is a prime example of this approach.
Impact measurement and management
Ethias integrates Impact Measurement and Management (IMM) systematically into its investment cycle. The Impact Investment Policy sets clear sustainability objectives, requires structured monitoring, and mandates transparent reporting. Ethias ensures that these investments pursue a primary sustainable objective, and are tracked using key performance indicators such as greenhouse gas reduction, water savings, and improvements in social well-being. Ethias conducts annual ESG reviews and discloses results through reporting, reinforcing accountability and performance tracking.
When investing directly, such as the €5 million loan to Crédal, Ethias engages closely with investees to ensure alignment on impact goals. Crédal, in turn, applies its own rigorous IMM framework using a tailored ESG scorecard that screens for eligibility and impact potential through sector-specific environmental, social, and governance criteria.
Additionality
The Ethias Impact Fund demonstrates financial additionality by channeling capital into underserved sectors and pioneering partnerships, such as its €5 million strategic loan to Crédal. Ethias specifically targets investments where traditional financing is insufficient or inaccessible, reinforcing its catalytic role in supporting impact-driven organizations. Beyond capital, Ethias provides non-financial additionality through active engagement and long-term strategic partnerships.
More information
- Crédal, Crédal impact
- Ethias, Ethias policy on impact investing, Ethias sustainability commitments
