The GroFin Iraq team recently hosted local entrepreneurs from Mosul at a workshop to highlight the funding opportunities and support for SMEs that GroFin offers in northern Iraq. GroFin’s Northern Iraq Investments (NII) has already invested over $1.6 million in SMEs in the region, most of this amount through a support programme offering concessionary loans to businesses affected by COVID-19.
The event was organised in collaboration with the Industrial Union in Mosul and took place at The Station Foundation for Entrepreneurship, a local co-working space established to inspire entrepreneurs with a culture of cooperation and innovation. Mohammed Al Soufi, Investment Manager from GroFin Iraq, introduced nearly 30 business owners in attendance to GroFin and NII. The team then explained NII’s purpose and the socio-economic impact it aims to achieve by supporting SMEs to create and sustain local jobs.
The audience was also introduced to GroFin’s newly approved Tier 2 – Median Programme under NII and the team explained GroFin’s loan process and the type of financing it can provide under this programme. Attendees also had the opportunity to interact with the team during a Q&A session.
Northern Iraq Investments (NII) aims to serve as a sustainable, development-impact-orientated vehicle for the provision of business support and start-up and early-stage growth capital, essential to the development of small and medium-sized businesses (SMEs). Its purpose is to help grow and develop sustainable small businesses to stimulate economic growth, foster stability, and create sustainable livelihoods for the people of Iraq.
USAID, through a gift from the American people, is partnering with GroFin under the MENA II investment initiative to support and maximize the developmental impact that can be achieved through investing in SMEs in northern Iraq.