The SRTF Announces the Completion of Loan Disbursements and All Activities Under Phase II of a Livelihoods Intervention in Northeast Syria

Northeast Syria – Sunday, 21 May 2023 – The SRTF announced the completion of the loan disbursement process, benefiting a total of 1,299 new borrowers, under its Livelihoods intervention “Establishment of Revolving Fund to Support Livelihoods Recovery in Northeast of Syria – Phase II”, as well as the completion of all activities under the intervention.

The loans disbursed include 295 development loans ranging between USD 1,201 and USD 3,000 and 779 micro-loans ranging between USD 400 and USD 1,200, as well as 225 new borrowers who received loans from revolved funds. These were disbursed following outreach visits conducted by the field teams, whereby applicants completed application forms. In contrast, members of the Revolving Credit Fund (RCF) team completed a Credit Report for each applicant, verifying their reputation, awareness of taking on such a responsibility, the effectiveness of their business model and so on, and the eligible borrowers were identified. Furthermore, earlier this year, new loan borrowers completed a 14-day training.

This intervention aims to improve household economies in Northeast Syria and promote inclusive economic development among populations by engaging women, youth, female-headed households and persons with disabilities. This is done through the provision of financial services which include two types of loans; micro and development loans, provided to entrepreneurs to expand or start businesses. Furthermore, renewal loans are issued through the repayment of loans previously issued under Phase I of this intervention.  The aim is also achieved through the provision of non-financial services including training sessions on business development, financial literacy and market access for example, aiming to build entrepreneurs’ skills and capacities in order to facilitate the success of their businesses. 

Amnah, a pharmacist beneficiary, told us: “I Initially opened my pharmacy with little capital money, so I did not have many medicines available, I had a limited variety. After I took the loan, I increased the capital and was able to purchase medications mostly in demand.”

This intervention has a budget of EUR 2 million and has benefited 1,074 new entrepreneurs directly, over a period of eight months across nine locations in Northeast Syria. Seven other communities have benefited from the repayment of 225 loans which were issued under the first phase of this intervention.

For more information on this intervention, visit:

Establishment of Revolving Credit 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