The FSDT is announcing a second round of the SME Finance ICF competition, open until 2nd May 2012. The Financial Sector Deepening Trust aims to provide greater access for more people to the financial sector in Tanzania. The importance of small and medium scale enterprises (SMEs) for economic competitiveness, growth, employment and poverty reduction is widely recognized. Poor access to finance remains a constraint for SMEs. Though the range of products supplied is limited there is little innovation going on.
SME Finance ICF issued this challenge to financial service providers (banks and non-banks) in June 2011 to test and develop innovative business models that will deliver new products and better services to underserved SMEs. The ICF is a risk-sharing mechanism. By financing up to half of the cost of developing new services, FSDT seeks to encourage ideas that might otherwise be too risky to attract commercial operators but are still worth undertaking.
The ICF opportunity targets financial institutions, not SMEs themselves. FSDT looks to support projects testing innovative concepts, technologies and business models. The ICF will not finance normal course of business or capital for on-lending. Grant awards are made through a two-stage competitive process, in the range US$ 100,000 to US$ 500,000. Decisions are guided by an independent panel.
For more information and to access application forms, together with guidance notes for applicants and Frequently Asked Questions (FAQs), see the attached files or email us at: (JavaScript must be enabled to view this email address) / (JavaScript must be enabled to view this email address)
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