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Home How credit score training leads to wider reach

May 17, 2023

How credit score training leads to wider reach

Refugee entrepreneur who has recieved credit score trainings introduces her company.

Reem attended SPARK’s Findex training funded by the European Union. Learning about how to increase her Findex score enabled her to contract with large shipping companies, increasing the geographical reach of her products to the United States and Canada.

Skills development services, such as trainings to encourage raising credit score of refugees, can play a crucial role in supporting refugee entrepreneurs to rebuild their lives and create successful businesses. Reem Wafai, an entrepreneur from Aleppo, is an example of how this support can make a real difference. Reem’s business, Baklavati.com, delivers traditional Aleppo sweets to customers worldwide through a website and a mobile application.

SPARK, with the support of the European Union through the EU Regional Trust Fund in response to the Syrian crisis, the ‘MADAD’ fund, provided skills development services to refugee entrepreneurs including Reem, who was able to expand her business to the United States and establish a strong online presence.

Reem attended a training session on Findex score for refugee community in Türkiye, which is a credit scoring system that enables individuals to prove their financial reliability in the eyes of potential business partners. Reem used the information provided to her in the Findex training and increased her Findex score. This enabled her to contract with large shipping companies increasing the geographical reach of her products to the United States and Canada.

A higher Findex credit score can also benefit refugee entrepreneurs by increasing their access to financial tools. Reem herself attests to this, stating that a higher Findex score helped to increase her credit card limit, making her company’s financial cycle much better.

Increasing the business capacity of refugee entrepreneurs like Reem not only helps them provide for their families but also contributes to the wider refugee community. By providing the tools and training needed to succeed in business, SPARK, with the financial support of the European Union, enables refugees to build striving businesses and provide livelihood opportunities to the refugee community.

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