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CHAMPION OF THE DAY
$24 million from USAID to scale-up SMEs and startups
Chemonics, implementing partner of the United States Agency for Development (USAID), has partnered with Berytech and Business Incubation Association in Tripoli (BIAT) to initiate the ‘Lebanon Enterprise Development’ project (LED). The project will identify, analyze, and propose solutions to enable the business environment for established SMEs and startups.
Total financing of the project is expected to reach $24 million in grants from USAID, which is expected to assist 300-400 companies with an aggressive target to create approximately 10,000 jobs.
Chemonics has divided the pipeline of the project into two phases. The first three-year phase will get $14 million in funding. If targets are met, the second phase will follow in 2020 for an additional two years and $10 million.
Douglas Griffith, Managing Director of LED at Chemonics said that there will be no direct financing grants for companies, but rather technical assistance.
Ramy Boujawdeh, Deputy General Manager at Berytech, said that business analysts through different locations across the country will create profiles for SMEs and startups with potential growth opportunities. LED will provide, through local or foreign consultants, business and technical expertise to help SMEs scale-up their operations.
Consulting assistance will include various operational activities such as production, business processes, and exporting activities.
Reported by Samer Rasbey
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Jun 28, 2018
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