The SRTF Disburses Funds to Local Entrepreneurs in Northeast Syria

Amman – Wednesday,  June 30, 2021 – The SRTF, in collaboration with its implementing partner, Near East Foundation (NEF), are pleased to announce the first disbursement of loans to local entrepreneurs in Northeast Syria (NES) under the pilot intervention, “Establishing a Revolving Fund to Support the Restoration of Livelihoods in Northeastern Syria – Phase I”.

This intervention will support economic advancement and stabilization in NES through the creation of a Revolving Credit Fund (RCF). The RCF will provide financial and non-financial support services to 480 local entrepreneurs in Ar-Raqqa, Deir Ez-Zor, and Al-Hasakeh. 

The SRTF and NEF will disburse small loans to 480 entrepreneurs through three community-based livelihood hubs (Siraj Centers) established in the aforementioned governorates.

This intervention has a budget of EUR 1.25 million and focuses on improving household economies by providing micro loans, development loans, and two-stage loans paired with complimentary support services to accelerate the growth and sustainability of small and micro-enterprises. This effort is addressing a critical gap in services, establishing a credit facility for vulnerable entrepreneurs where none other exist.

Loans were disbursed to a first cohort of 114 entrepreneurs on Sunday, June 27 to support businesses in the trade, services, manufacturing, and agricultural sectors. Eligible borrowers include women, youth, and internally displaced people and returnees.

In an interview with one of the entrepreneurs who received a loan from NEF, he said: “I am getting this loan to be able to grow my business for myself and my family. I found the loan application process to be well organized and smooth and I am really impressed.”

NEF’s President and CEO, Dr. Charles Benjamin, highlighted the impact of the loans in the local communities, saying, “Creating opportunities for loans and business support services will enable local entrepreneurs to achieve financial resilience and improve overall economic conditions for their families and their communities.”

Meanwhile, the SRTF’s Director General, Eng. Hani Khabbaz, lauded the news of the disbursement of funds, saying, “This intervention is an SRTF first, and we couldn’t be more pleased to see the first loans disbursed to the eligible entrepreneurs. We look forward to seeing the positive outcome of this intervention in the form of improved household economies and increased innovation among entrepreneurs.”

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