Loan Initiative for Financial Transformation - LIFT 4

Aligned with MIF’s commitment to promoting local development, MIF supported a 4th edition of LIFT, its periodically repeated micro-credit project. Entitled “Together for Local Development in Byblos Region”, LIFT 4 specifically targeted local businesses in the designated region, providing access to finance to local MSMEs and starts ups through subsidized microcredits with no interest rates or any other related costs (insurance, application fees, etc.). Similar to the previous 3 editions, this financial assistance was designed to ease the burden of high borrowing costs and make capital more accessible to entrepreneurs in Byblos. Also, LIFT 4 included grants (rather than micro-credits) that targeted some beneficiaries who were identified as highly vulnerable and unable to repay loans. This approach provided crucial support to those in dire need, helping to stabilize their businesses and livelihoods.

In collaboration with Vitas, a reputable microfinance institution in Lebanon, MIF implemented LIFT 4 (and all previous editions as well), where Vitas’ expertise and infrastructure were leveraged to ensure a careful selection of beneficiaries and an effective administration. The outcomes of this project were significantly noticed, whereby many of the businesses who benefited from the loans reported improvements in their operations, increased income, and sustained employment levels. Consistent with MIF’s ultimate goal of local development, this project promotes economic growth and contributes to community resilience, by its creation of sustainable employment opportunities.