The SRTF Funds a Second Phase of the Revolving Credit Fund in Northeast Syria

Amman- Thursday, 24 March 2022- The SRTF is pleased to announce the approval of the second phase of “Establishment of Revolving Fund to Support Livelihoods Recovery in NE Syria” which will be implemented in collaboration with the same partner, Near East Foundation (NEF) in Northeast Syria (NES). The new intervention builds on the SRTF-funded Phase I (pilot phase) of the revolving credit fund (RCF) that introduced the first innovative access to finance programme in the three governorates of Raqqa, Hasakah, and Deir ez-Zor last year.

Building onto success and lessons learnt from Phase I, Phase II will expand the RCF and optimize the operational model to reduce reliance on external support, improve financial viability, and scale its client base.

Phase II will issue micro- and development loans to 1,000 entrepreneurs who demonstrate credit readiness and whose businesses show a high potential for growth. Loans range between USD 400 and USD 1200 with a repayment period of up to 30 months. Phase II will add three new Siraj Center lending sites to the three established under Phase I – disbursing loans through a total of six Siraj centers in NES (Al-Hasaka, Ar-Raqqa and Deir Ez-Zor). An additional 218 loans will be issued to eligible entrepreneurs through revolved funds (i.e., repayments of previously issued loans under Phase I).

In addition to financial services, the RCF will provide entrepreneurs with complimentary non-financial services including training in life skills, financial literacy, and business development. Furthermore, demand-driven coaching and mentoring will be available for selected entrepreneurs.

To promote inclusive economic development among the most vulnerable populations, the RCF prioritizes engaging women, youth, persons with disabilities, female-headed households and households without earners.

In a comment on this update, the SRTF’s Director General, Eng. Hani Khabbaz, said: “We are proud to witness the growth of the entrepreneurial ecosystem with its great potential on the Syrian people’s livelihoods in NES. Phase II will be a step closer to creating financial independence and reducing reliance on external support for local communities which will help them attain real financial stability."

Dr. Charles Benjamin, NEF President and CEO, concurred, stating that “There is a high demand for financial services in NES. The expansion of the RCF under Phase II will support even more small business owners to grow and strengthen businesses, become more financially secure, and better provide for themselves and their families.”

RCF Phase II is expected to last six months with a budget of EUR 2 million.

For further information on the project, please see:

Establishment of Revolving 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