Innovation and Vitas expand their support to young entrepreneurs

Innovation for micro financing and Vitas companies, two companies which are pioneers in providing micro credit and financial assistance to poor families and micro business holders, launched last week in collaboration with Gulf company “Silatech” for business pioneer and vocational support, two new loan products designed solely to help young business people start up and develop their businesses in Lebanon. According to the Director General of Innovation in Lebanon, Ibrahim Kouwatly, the two new loans are for young people who do not have a bank account and who want to start their own business especially since, according to the World Bank, 24% of youth cannot have access to loans whereas the global average is 12%.

In addition to providing young people with capital, Innovation and Vitas will provide training and financial education to help young business entrepreneurs develop and expand their businesses.  "My Project" loan offered by Innovation has already started offering 10000 USP loans since September 2nd.Vitas is offering 5000 USD loans since September 7th according to Carla Chamoun Azar, the Loans Director in Vitas. In the same vain, Alia Far7hat from Al Majmoua who spoke to L'Orient le Jour, confirmed and based on a study conducted by her organisation, that young people seeking to set up their own project face two key challenges namely access to financing and lack of project management skills. ( L'Orient le Jour, September 11, 2015)