FARO targets more startups

New mechanisms to promote the program

The board of trustees of FARO Lebanon, a fund dedicated to supporting innovative small and medium-sized enterprises (SMEs), met to discuss funding submitted requests and finding ways to promote and implement the program.

Candidates applying for funding should present an innovative product or service, an innovative way to deliver a product or service, or an innovative business model.

Hadi Al Assaad, Advisor at the Chamber of Commerce, Industry and Agriculture of Beirut & Mount Lebanon and head of FARO Lebanon, said selected SMEs will receive soft loans of up to $20,000 at a maximum interest rate of one percent, reimbursable over four years.

“Most of the approved projects are in the technology sector, such as online sales and banking services,” said Al Assaad. According to him, requests are still few in number due to insufficient promotion.

Elham Rahal, Events and conferences officer at the Chamber, said the board decided to promote approved projects on social media pages, and the websites and newsletters of FARO Lebanon’s members, including Berytech, Kafalat, the Association of Banks, and the Central Bank. “By promoting these projects, we hope to increase awareness among young people and requests for funding from FARO Lebanon,” said Rahal.

Mohamad Choucair, President of the Chamber of Commerce, Industry and Agriculture of Beirut & Mount Lebanon, said: “Funding can open doors for creative young people to enter the market strongly, and help them establish successful new enterprises.”

Besides funding, FARO Lebanon also provides support and technical assistance for SMEs. Choucair said: “These elements are crucial in launching enterprises and improving their production and competitive potential.”