The SRTF Concludes its First Access to Finance Intervention in Northeastern Syria with Promising Results

Amman- Tuesday, 1 March 2022 – The SRTF announced the completion of all activities under its first EUR1.250 million access to finance intervention that focuses on empowering local entrepreneurs and households through financial and non-financial services and products under its "Filling the Void" project.

 The pilot intervention, "Establishing a Revolving Fund to Support the Restoration of Livelihoods in Northeastern Syria – Phase I" launched a Revolving Credit Fund (RCF) in Northeast Syria, establishing three community-based revolving fund facilities, Siraj Centers, in Ar-Raqqa, Deir-ez-Zor, and Al-Hasakeh. In collaboration with Near East Foundation (NEF), the implementing partner, the SRTF dispersed micro-loans and development loans to accelerate the growth and sustainability of small businesses in the trade, services, manufacturing, and agricultural sectors. The RCF successfully supported 480 local entrepreneurs with financial and non-financial products such as micro-loans and development loans giving priority to women (33%), youth (22%), persons with disabilities (6%), female-headed households, and households without earners in Northeast Syria (NES).

Non-financial services delivered included products and services such as access to training, advice and coaching on life skills, and financial literacy to start and grow income generating activities which were also delivered under this intervention. Eighty-three percent of the 480 selected borrowers had completed all components of the demand-driven training, coaching and mentoring.

The intervention successfully reached 100% of its target with an outstanding repayment rate to date. With the loans received, entrepreneurs have grown their businesses significantly, creating jobs, and promoting local economic activity. The SRTF is funding the launch of a second RCF in Northern Aleppo that builds on the impact achieved and lessons learned from the pilot intervention in NES.

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