Establishing a Revolving Fund to Support the Restoration of Livelihoods in Northeastern Syria – Phase I

For the first time in SRTF history, initiative,  the Fund approved the establishment of a Revolving Credit Fund (RCF) that aims to support local business owners to work together to promote economic development in target communities throughout northeast Syria.  In cooperation with Near East Foundation that is a leader non-governmental organization in this field and has implemented other innovative programs aimed at developing vulnerable communities and improving their living conditions, the Fund will start the pilot phase of this intervention with establishment of the facilities and provide small loans to 480 local entrepreneurs through three centers in Ar-Raqqa, Deir Ez-Zor, and Al-Hasakeh governorates. These centers are strategically located in order to be close to the selected entrepreneurs.


This intervention will include both financial and non-financial program activities such as:

  1. Trainings for entrepreneurs focused on life skills, financial literacy, and business development
  2. . Coaching and mentoring for support networks focused on peer-to-peer mentorship circles, demand-driven business management topics, and business support.
  3.  Conduct monitoring and follow-up operations for the RCF operations in order to improve loan programs to adapt to the current conditions of the targeted areas and to reduce default rates.
  4. Increasing the capabilities of target groups to access local markets.

This initiative will be piloted in three target areas over a period of six months with the goal to expand and replicate the self-sustaining model within two years. This intervention has a total budget of EUR 1.25 million and it will focus on improving the household economy by providing financial and non-financial programs and services such as small loans, development loans, and two-stage loans. These services serve to increase the opportunity for vulnerable families to escape poverty and create job opportunities to strengthen the local economy and promote self-sufficiency.


For more information on this project, please visit:

The SRTF Funds the Establishment of a Revolving Credit Fund in Northeast Syria

 

For more information on the SRTF visit:

http://www.srtfund.org

 

Media outlets may contact:
communications@srtfund.org


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