The Moroccan Tourism Ministry said that it has begun granting financing for the startups selected as part of the Forsa program.
According to a recent press release issued on Monday, the first financing commissions in several regions across the country have issued their approval for the first batch of financial support for the chosen projects.
The next few weeks will be dedicated to speeding up the process in order to finance 10,000 projects before the end of the current year, added the Ministry in the press release.
The selection stages, the scoring of applications, and interviews through regional selection commissions have reached an advanced stage and will be completed in the upcoming few weeks, further stated the Ministry.
The last few months will be devoted exclusively to the support and financing of the projects, added the same source.
The selection stages enable the identification of project leaders who will benefit from e-learning and incubation, explained the Ministry.
These stages are essential to prepare the financing file, including the business plan and the administrative files.
For now, a total of 10,438 learners are enrolled in the Forsa Academy e-learning platform.
Of the 5070 projects that have already completed their training, 1750 are being supported by incubator experts to prepare their financing applications.
Another 850 projects have begun the 2.5-month incubation period, specified the Ministry in the press release.
Project leaders are divided into groups across the country’s regions and benefit from close training and follow-up, in order to transform their ideas into a project or to transform an existing project into a successful company.
Following the training or incubation, the selected projects will be able to benefit, from financing in the form of a 0% interest honorary loan of up to MAD 100,000, including a subsidy of MAD 10,000 for all selected projects.
The financing will have to be repaid over a maximum period of ten years, with a deferment of two years.
Announced by the government on March 11, the ambitious program has a total budget of MAD 1.25 billion for the year 2022 alone and aims to empower young entrepreneurs through both technical and financial support for the creation and improvement of startups in different fields.
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