“People want to have a voice and solve local problems,” says Ruwwad Micro Venture Fund (RMVF) founder Fadi Ghandour. This is especially true in Jordan, a country with a high youth population, soaring unemployment rates and marginalized communities with great business potential but a lack of proper support for follow-through.
So Ghandour designed RMVF as “a platform to encourage entrepreneurial initiatives” and help them meet such challenges. With a distinctive business model in mind, RMVF empowers these low-income communities through an equity investment approach with an array of business support services, including mentoring, training, accounting, and legal support.
It also stands out from other economic empowerment initiatives through its sharing of investment risks with its beneficiaries, requiring them to buy back or pay back the funds allocated to them only if their micro ventures start generating profit. Through a detailed selection process, RMVP was able to train hundreds of aspiring entrepreneurs over the past year, identifying promising business ideas and establishing over 100 micro-businesses in Amman, other cities and governorates.