How does your proposed innovation leverage public intervention in catalyzing private SME finance?
Our proposed innovation aiming develops and support SME or entrepreneurs by prepared draft of law (prepared by our organization KEDO supported by CIPE )
Which submitted to Regional Parliament ( Iraqi Kurdistan Region ) on15th February 2010 after 2 meetings for discussion about mentioned draft, now we are attempting for influencing on decision makers,( parliament members) for final decision through advocacy campaign by forming committee from representatives of business association, universities, civil societies , media,..etc.., the draft is contain several articles about providing appropriate finance for SME,by government and private resources with registration through one stop shop ( cause now we have 9 departments for registering SME ) , current finance system is inappropriate ( included large numbers of barriers ) in public and private banks for example high percentage of interests, difficult and heavy collateral, the process needs big numbers of signatures and public departments . our innovate will lead to create appropriate private and public finance system for SME,
If you checked any of these barriers, describe how your solution addresses them
We can find in our Region Most of barriers indicated above, about asymmetry of information, we suggested in the draft of law establishing sector in SME foundation for information and statistic
data About SME in the Region
-for barrier lack of collateral we suggested facilitating in guaranty for SME finance, through government facilitation or guaranty companies, in our loan project (our organization) we lending
2500$ for each entrepreneurs with guaranty of two officials ,other most of barriers solved in our draft of law