Granting and Lending Processes
Qualifying, Training and Accountability
HOW TO QUALIFY FOR A SALONE RISING GRANT OR BUSINESS LOAN
Salone Rising offers micro grants of $150-300 USD, small business loans from $500-2,000, and medium business loans from $5,000-20,000. Announcements are made periodically by radio and by other means when the next group of grants and loans becomes available.
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To qualify for a micro grant, applicants must have been in business for at least 6 months. To qualify for a small or medium loan, applicants must have been in business for at least one year. In addition, they must have 1-30 employees to be eligible for a small loan, or 5-30 employees to qualify for a medium business loan. All must agree to participate in the Lions’ Den Educational Forum training and savings programs that correspond with the loan level for which they apply, and agree to any other terms of the program as communicated by the organization at the time of application. All applicants must demonstrate a desire for personal growth and a desire for positive community development that benefits all. Only the applicants who can demonstrate that they possess the qualifications listed above will be considered for the program. Due to demand, not all applicants may be selected; some may be put on a waiting list for future consideration.
HOW WE HELP THE BUDDING ENTREPRENEUR
The Lions’ Den Educational Forum provides all participants with preliminary and ongoing training and mentoring experiences. Micro grant recipients receive a nine hour training over the course of three days, and complete a simple business plan. Small loan recipients receive a 36-hour, four week business training course on marketing, pricing, cost analysis, bookkeeping, goal setting, and banking. Medium loan recipients receive all of the above; they are also matched with qualified, experienced business owners selected by Salone Rising whose relevant skills and success will guide the participant’s goals for his/her own business. Plans are in the works to provide training and mentoring opportunities for the wider community of small business entrepreneurs in Sierra Leone.
Following Up To Increase Effectiveness
Once selected, a participant will enter into training and advisory relationships that will provide them with new skills and strategies to improve their businesses. These interactions will provide program leaders a vehicle to aide the assessment of their participants’ development and to offer or make any adjustments needed. In the future, educational institutions will be invited to create and implement third party assessment models for Salone Rising, its immediate and long term impact on individuals and families, and its longer-term impact on communities. For more information, contact Ali Kamanda, President.