The Syria Recovery Trust Fund has launched the second phase of the Livelihood Support Project in response to the escalating demand for lending services across diverse sectors, including trade, services, manufacturing, industry, and agriculture.
Building on the successes of its initial phase and in collaboration with implementing agencies, the project aims to foster the growth and sustainability of small and micro-businesses owned by entrepreneurs. Tailored loans and non-financial services are provided to suit individual needs.
This phase seeks to expand on earlier achievements, reaching a wider audience, and diversifying lending categories with a focus on women, youth, people with disabilities, families headed by women, and those with no income. This inclusivity aims to enable these segments to actively participate in economic recovery within their communities.
Efforts will concentrate on extending support to women entrepreneurs, offering consultancy for individual businesses, especially in the agricultural sector, and tailoring earthquake recovery initiatives to match market demands. The project also aims to bolster the financial capacity of the revolving lending facility and elevate its client base.
Sustainable financing methods will be developed to enhance livelihoods and economic stability within the targeted communities. The project aims to provide various loans and non-financial products and services to 1,170 selected entrepreneurs through four Siraj centers in northwestern Syria.
The categorized loans include microloans ranging from $400 to $1,200 with a repayment period of up to 30 months, development loans from $1,200 to $3,000 for expanding small businesses, agricultural loans from $500 to $5,000 designed for farmers’ seasonal needs, and development loans from $3,000 to $8,000 for market players.
The fifth type focuses on emergency loans, with individual amounts based on need, aiding individuals affected by the February 6 earthquake and future shocks. The project includes training courses through Siraj Centers, covering business development, life skills, financial literacy, and marketing. The initiative aims to enhance borrowers’ revenues, net income, self-confidence, and coping strategies while reducing unemployment rates through increased profits.
(Source: SOC’s Media Department)