MEDSt@rts Project (Med Microfinance Support System for Start-ups)

https://www.enicbcmed.eu/projects/medstarts

The MEDSt@rts Project (Med Microfinance Support System for Start-ups) is an initiative funded by the European Union under the ENI CBC Med Programme.

The project aims to develop an innovative support model to facilitate access to funding for individuals who are typically excluded from traditional banking services, often referred to as "non-bankable" individuals.

Key Partners Involved:

Fondazione di Sardegna (Italy): Serving as the lead partner, Fondazione di Sardegna coordinates the project's activities across participating countries.
SFIRS SpA (Italy): Collaborates in providing financial expertise and support mechanisms within the project framework.
Chamber of Commerce, Industry and Agriculture of Saida and South Lebanon (Lebanon): Acts as the reference partner for Lebanon, facilitating local implementation and support for aspiring entrepreneurs.
Sfax Chamber of Commerce and Industry (Tunisia): Engages in the selection and support of entrepreneurs within the Tunisian context.
Leaders International (Palestine): Provides expertise in entrepreneurship and innovation, supporting the development of new micro, small, and medium-sized enterprises (MSMEs).

Project Implementation:

The MEDSt@rts Project is implemented through a collaborative approach involving the aforementioned partners. Each partner contributes to scouting, training, and funding activities aimed at supporting aspiring entrepreneurs in their respective regions. The project focuses on developing a new model of business support inspired by ethical finance and solidarity principles, ultimately leading to the creation of new enterprises and job opportunities in the Mediterranean region.

Through these collaborative efforts, the MEDSt@rts Project seeks to create a more inclusive financial environment, empowering individuals to contribute to the economic prosperity of their communities.

Project Activities:

1- MEDITERRANEAN MICROFINANCE INDUSTRY STUDY

After the analysis of a total of 128 organizations currently operating in microfinance, project partners (PPs), build up a website that allows aspiring and existing entrepreneurs the opportunity to explore, analyze, and identify potential funding opportunities through the support of financial promoters and professionals in the field (https://fundingobservatory.org/).This tool has been further improved by with additional functionalities.

The Project partners (PPs), also worked together to identify common parameters, on which build the study. This activity was organized through a thorough, multi-step process ensuring that each partner had a clear and solid understanding of the purpose. After each country completed its part, a researcher then reviewed each study and gave feedback to the Project partners (PPs)
The final version of each country's research was collected and sent to the Lead Beneficiary (LB), which was responsible for merging them and drafting an abstract. The final version of the analysis is a comprehensive and detailed study of all Mediterranean microfinance in is a comprehensive and detailed study of all Mediterranean microfinance institutions.

2- NETWORKING OF MICROFINANCE ACTORS

For the creation of the microfinance Network , Project Partners (PPs) completed 39 meetings, with 106 organizations, and 56 MoUs signed.

After the launching of the network , 45 local microfinance forums were held: 7 Italy, 7 Tunisia, 7 Greece, 12 Palestine, 12 Lebanon. More than 1500 persons participated at the events. These meetings have been very important in terms of discussions, networking and disseminations of MEDSt@rts.

Followed by 3 CROSS-BORDER MICROFINANCE FORUM: 1st Cross Border Forum on the 15th of December 2021 in Patras, Greece. The 2nd cross border forum on the 3rd of March 2022 in Sfax, Tunisia. The 3rd cross border forum on the 30th of March 2022 in Saida, Lebanon. The event was organized as mixed format, in presence and online for those that could not travel for COVID Restrictions. The aim of the meetings to define a territorial common strategy to design or possibly correct microfinance investment programmes.

3- SET UP A MICROFINANCE DESK

This desk in each partner country is managed by the 2 microfinance promoters selected following an evaluation test of the knowledge acquired during the training. The Desk provided a guidance service to start-ups in order to find the most appropriate financial solutions available for their project and ensure support in the development stages of their project.

4- SET UP OF MEDST@RTS ENTERPRISES

This Activity has been divided into two phases: Phase 0 devoted to the selection of candidates and Phase 1 devoted to Pre-treatment with Business Incubation. Project Partners (PPs) selected 121 participants (Italy 26, Greece, Tunisia and Lebanon 25, Palestine 20).

Then, all Project Partners completed also Phase 1 developing an intense and fruitful business incubation path with business consultants and organizational psychologist. After pre-treatment phase, each Project partner (PP) selected the 15 most promising business ideas for next project activities participation. At the end of the selection the actual number of persons selected and that accepted to follow the project were 72.

Finally , 62 MEDSt@rts start-ups signed grant contracts to open a new business. The grant covers part of their launching costs, according to national law and regulations. A regulation agreement is signed by both sides before funds transfer.