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News from Russia Microfinance Sector Support program
 13.07.2004
Results of the Targeted Awards-Innovation Support Program (TAISP) on June, 2004
Since 2002 American consulting corporation "Development Alternatives Inc." (DAI) together with the U.S. Agency for International Development (USAID) implement the Targeted Awards-Innovation Support Program (TAISP). Within the program on the competitive bases issued financing to Russian microfinance organizations, which support small businesses and individual entrepreneurs to provide their sustainable growth and activity.
As of June, 2004 84 MFIs representatives of 35 subjects of the Russian Federation have applied for the Program, 54 of them did not meet the eligibility criteria and therefore were rejected.
Picture1. Applicants` Legal Forms.
Majority of the applications received are from ñonsumer credit cooperatives, the second largest pool is from regional, municipal and private funds and foundations.
Picture 2 and 3 demonstrate MFIs` size and the volume of the financial services provided. Most of the institutions count 100-500 active borrowers with the loan portfolio amounting at 500,000.00 US dollars.
Picture 2. Loan Portfolio
Picture 3. Number of clients
Within the scope of the Program applicants can receive financing for the purposes of their loan portfolio to be disbursed further on as micro loans to the subjects of small business; training of the personnel; fixed assets purchase and some other purposes. Total budget of the financing requested can be presented in the following way (Picture 4):
Picture 4. Budget
Value of all the applications received is more than 6.5 million US dollars, 70% of this amount goes to MFIs` loan capital.
As of June 1, 2004 34 MFIs have passed through the assessment process and 27 of them were considered at the TAISP Awards Committee, where 5 applications have been rejected and 22 approved. 12 Agreements on receiving awards under TAISP Program have been signed, 10 organizations have received financing.
October 15, 2003 was the dead line for submitting the application. At present DAI is preparing agreements and executing monitoring of 22 organization's project.
- Consumer Credit Cooperative "Alternativa," Dubna, Moscow Region
- Consumer Credit Cooperative "Soyuz," Chuvash Republic
- Consumer Credit Cooperative "Sodeistviye", Smolensk
- Consumer Credit Cooperative "PSP-Credit", Tomsk
- Rural Credit Cooperation Development Foundation, Moscow
- Credit Consumer Cooperative "Regionalnaya Zaemno-Sberegatelnaya Kassa "Intellekt"
- Fund for Development of Consumer Credit Cooperatives of Volgograd Region
- Orel Regional State Fund for Small Business Support
- Consumer Credit Cooperative "Credit Union "Rodina"
- Consumer Credit Cooperative "Pervy Dal`nevostochny"
Contact information
Development Alternatives, Inc., Russian representative office
Address: Office 519, Sushchevskaya st. 8/12, building 1
Moscow, Russia, 108046
Phone: (095) 258-87-06
E-mail: grant@rmssp.ru
Irina Fedyaeva, Program manager
Tatyana Zaikova, Program specialist
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