Syria

300 entrepreneurs register for SRTF-funded revolving credit fund financial services

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Ar-Raqqa – Wednesday, April 14, 2021 – Today, the SRTF’s first-of-its-kind intervention, “Establishing a Revolving Fund to Support the Restoration of Livelihoods in Northeastern Syria – Phase I”, began the registration process for potential loan borrowers. Registration commenced at the centers in Ar-Raqqa, Deir Ez-Zor, and Al Hasakeh. So far, more than 300 male and female entrepreneurs have applied to benefit from the Revolving Credit Fund (RCF). The RCF is tailored for entrepreneurs with basic literacy levels. Selection of applicants will be based on enterprise and credit-readiness assessment, along with willingness and capacity criteria, and informed by an exposure score, using the approved established selection framework.

The exposure scoring includes metrics related to household finances (25%), household composition (24%) (e.g., female-headed household, disability in the household, dependency rates), crisis impact (10%), shelter (12%), presence of adolescents (18%), and safety nets (6%). Eligibility determination is based on applicant’s ability to cover debt, business viability, periods with lower cash flow (seasonal), and willingness, interest, and confidence in taking up debt.

Eligible selected applicants will receive financial products such as micro-loans and development loans. They will also receive non-financial services including training, advice, and coaching to start and grow income-generating activities, expand business skills, and achieve financial literacy. They will also have access to supplies, markets, and referrals to further grow their burgeoning businesses.

This livelihood initiative has a total budget of EUR 1.25 million and focuses on improving household economies through the provision of financial and non-financial services. A total of 480 local entrepreneurs will receive SRTF support.

For further information on the project, please see:

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

For more information on the SRTF visit:

http://www.srtfund.org

Media outlets may contact:communications@srtfund.org