Roma Loan Assistance Program for Roma Entrepreneurs
Phone number MK: +3897680565
No interest, no fees.
ROMA LOAN ASSISTANCE PROGRAM
The purpose of the project is to provide technical assistance to Roma entrepreneurs to access loans from the Development Bank of North Macedonia. The project aims to achieve the survival of Roma-owned businesses throughout the Covid-19 crisis and to make the transition from informal to formal businesses.
As of 2016 and until now, REDI NGO has embarked on a journey to develop a platform that would enable access to credits for the Roma entrepreneurs and to realize improvements in terms of employment for the Roma. The organization has developed several programs in this sense, including by creating a secularization vehicle in Luxembourg, which is capable of providing credits to other financial and micro-financial institutions. The entity also has a risk-sharing scheme, which should improve the credit quality of the Roma entrepreneurs.
A first objective of the project is to help the Roma obtain credits from the Development Bank of North Macedonia. A second objective of the project is to map the Roma entrepreneurs who need credit enhancements to obtain in the future credits from financial institutions. A third objective of the project is to make the transition from informal to formal business for the Roma businesses. A fourth objective of the project is to train Roma interns in submitting credit applications, hence preparing them to take roles at leading Macedonian banks as credit officers, which would facilitate the access of the Roma to the wider credit market in Macedonia.
We consider that it is important to facilitate now the access of the Roma to credits. Due to the COVID-19 crisis, many Roma businesses are in a severe stress situation and require working capital to re-start and sustain their business.