Following the success of the first Solidarity Challenge, which was initiated by the Department of International Cooperation in June 2016, the Prince's Government is launching a new version of the challenge, in which members of the Administration will be able to participate, from 12 to 30 June 2017.
Once again this year, the Solidarity Challenge will enable all civil servants and Government officials to vote for the micro-entrepreneurs of their choice via the Babyloan * platform, which is a partner of the Prince's Government. The projects that receive the most votes will benefit from micro-credit.
The sum of EUR 28,000 allocated for this purpose by the Department of International Cooperation will be supplemented by the amount of EUR 22,000 loaned in 2016, which has already been reimbursed. Thanks to this system of re-injecting funds, it will be possible to support more than 100 micro-entrepreneurs.
An information meeting was held on Monday 29 May 2017, in the presence of Arnaud Poissonnier, Founding President of Babyloan. More than forty people interested in the Solidarity Challenge took part, demonstrating their support for social entrepreneurship.
As a reminder, the 2016 Babyloan Campaign involved:
• 800 voters in one month
• 52 projects selected and financed by the DCI, worth a total of EUR 22,000
• 4 additional projects financed with the first amounts reimbursed
• 100% of loans repaid
Small loans make a big difference …
* Babyloan, the first European solidarity lending site, enables people on very low incomes who are excluded from the traditional banking system to access micro-credit (EUR 400 to EUR 800) to set up or develop a small business.
Report by Monaco Info: http://www.monacochannel.mc/Chaines/Gouvernement-Princier/Videos/Deuxieme-saison-du-Defi-solidaire