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Highlighted Story

USAID Micro-Loans Assists Small Businesses; Creates over 470 full time Jobs

December 31, 2009

Funded by USAID, three Micro-finance Institutions (MFIs) were granted a total of $1,050,000 as sub-grants from the Volunteers for Economic Growth Alliance/International Executive Service Corps (VEGA/IESC) to increase access to finance for micro and small businesses in rural communities.  The funds will be used to sustain and expand existing businesses, encourage entrepreneurship, launch new businesses, and empower creation of woman-owned enterprises. During a period of six months starting July 1, 2009, AlMajmoua, one of the three MFIs, effectively disbursed the entire $400,000 grant received from USAID to rural businesses operating within the Information and Communication Technology, Tourism, and Agribusiness value chains.  The average loan value was $1,300.  One-hundred and forty-eight male business owners and one-hundred and forty-seven female business owners throughout Lebanon benefited from these micro loans.  Over 470 full time jobs(of which 161 were jobs filled by women) were created as a result of the loans, in addition to 167 seasonal or part time jobs. This project is part of USAID’s $1.6 million Lebanon Investment in Microfinance program to stimulate economic development across all regions of Lebanon, North, South, Beqaa, and Mount Lebanon through partnerships with leading MFIs.

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