IZDIHAR LIBNAN
Overview
The Lebanese population is renowned for being creative, ambitious, and determined, however, their characteristic resilience has once again been challenged. Since 2019, Lebanon has experienced nationwide protests, a global health pandemic, government instability, and an explosion that rocked Beirut and its suburbs, contributing to near economic collapse.
Rate Hyperinflation
The Lebanese economy has experienced a hyperinflation rate of 365%, which currently ranks second in the world.
Price Increace
From July 2019, the price of consumer goods has increased 120%
Food Price Increase
The prices of food and non-alcoholic beverages have increased by more than 423%.
Unemployment
Almost 50% of Beirut businesses (over 15,000) have been damaged following the explosion, and at least 70,000 people have been left unemployed.
Daily Rate
It was estimated that 2.7 million Lebanese were living under the upper poverty line of 14 USD per day - according to projections, this has likely since increased.
The economic turmoil has made it extremely difficult for businesses to continue operating and, consequently, for consumers to access the food and supplies they need to survive. To respond to the ongoing needs, Izdihar Libnan was formed in September 2020, to support entrepreneurs for a more prosperous Lebanon.
Approach
Izdihar Libnan provides entrepreneurs with a holistic business package that includes tailored financial assistance, market driven business expertise, and mentorship from our Global Support Network to increase success, broaden impact, and connect entrepreneurs with local, national, and international markets.
Application
Entrepreneurs go through a three stage application process that includes submissions of a business strategy, market analyses, and financial plan. Entrepreneurs submit applications that demonstrate that the business will promote meaningful employment, have a positive community impact, and initiate sustainable economic growth. Izdihar Libnan encourages applications from vulnerable populations and marginalized geographical areas, with gender equity driving the selection process. Izdihar Libnan selects entrepreneurs on a non-political and non-sectarian basis. Entrepreneurs are chosen based on a comprehensive review and scoring of the application. Entrepreneurs are then placed in cohorts to provide peer to peer collaboration and enhance continuous learning throughout the longevity of the program.
Financial Assistance
The financial assistance package may include start-up costs, operating costs, business consultants, business registration, and legal fees. The financial assistance is specifically tailored to the entrepreneur and the business strategy, with no two financial packages being alike. Financial assistance is administered based on the entrepreneur’s achievement of agreed milestones during the business formation process. An approved entrepreneur is eligible to receive a financial assistance package of up to a maximum of $30,000.
Mentorship
To support the achievement of sustainable success, Izdihar Libnan provides entrepreneurs with a Mentorship Team. According to the UK’s department for Business, Innovation, and Skills, 94% of small business owners have seen positive effects in their businesses because of receiving mentorship. Izdihar Libnan’s mentorship methodology includes having a cohort of entrepreneurs being allocated a dedicated Mentorship Team that works with the entrepreneurs through the business formation process. The Mentorship Team is chosen from Izdihar Libnan’s Global Support Network and includes a Lead Mentor who provides ongoing mentorship to the entrepreneur through the business lifecycle, and Support Mentors to assist the entrepreneurs with specific work streams within their areas of expertise.
IZDIHAR LIBNAN
GLOBAL SUPPORT NETWORK
A unique component of Izdihar Libnan is the contribution and participation of the Global Support Network. The Global Support Network is composed of local and international humanitarian and business professionals with diverse perspectives and capabilities who are volunteering their time to be change agents for a more prosperous Lebanon. The functions of the Global Support Network include organizational support to enhance and further Izdihar Libnan’s goal, participating in the entrepreneurship application review panel and selection process, and being members of the Mentorship Team that is provided to successful entrepreneurs.
