The SRTF Starts Verification Outreach Visits Under Phase II of its Revolving Credit Fund in Northeast Syria

Northeast Syria – Wednesday, 9 November 2022 – The SRTF announced the start of verification outreach visits to applicants who will be receiving new loans through its “Establishment of Revolving Fund to Support Livelihoods Recovery in Northeast of Syria – Phase II”.

During these visits, applicants complete full loan application forms while the Revolving Credit Fund (RCF) team completes a Credit Report for each, to identify their identity, verify their reputation within their community and commitment to paying financial obligations to others, their awareness of taking on such a responsibility, their business management ability, their business model, among other aspects.

The financial services include two types of loans; micro-loans and development loans, provided to entrepreneurs so they can expand or start businesses. The Fund also considers loan applications from people without existing businesses for improving their prospects of getting out of poverty through business development. On the other hand, the non-financial products and services include training on business development, life skills and financial literacy as well as marketing and market access, all focusing on building skills and competencies that facilitate the success of those businesses, in the immediate and long-term.

In his words, Mousa, a forty-year-old beneficiary from Phase I of the same intervention, said: “I received the loan so I can improve and expand my business, which is selling medical equipment. I was able to purchase new tools and equipment which I did not have before. The process from registration to loan disbursal was very smooth and the staff members were helpful.”

Likewise, Suria, a woman beneficiary in her 30's, said: "I registered for the loan around two months ago and staff members [from the RCF team] visited me to see my business. I'm taking the loan to expand and improve my small business."

The overall aim of this intervention is to improve household economies and promote inclusive economic development among populations, by engaging women, youth, persons with disabilities, female-headed households and households with unemployed members.

With a budget of EUR 2 million, this intervention is expected to benefit 1,000 new entrepreneurs directly, over a period of eight months including a two-month inception period, across communities in nine locations in Northeast Syria. An additional seven communities will benefit from repayments of 218 loans previously issued under Phase I of this intervention.

For more information on this intervention, visit:

Establishment of Revolving Credit Fund to Support Livelihoods Recovery in NE Syria – Phase II

For more information on the SRTF, visit:

http://www.srtfund.org

Media outlets may contact:
communications@srtfund.org