FARO Founds

With a budget of 1 million euros, the Faro fund enables European entrepreneurs to study the feasibility of innovative projects undertaken in collaboration with partners from the South of the Mediterranean. Each project backed by the Faro is allocated a subsidy of 20,000 euros maximum, to finance up to 50% of the total costs involved in the works.

The subsidy allocated will enable the promoters of small innovative projects to undertake feasibility studies for their partnership project from various points of view: technical, financial, legal, commercial or managerial.

The creation of this fund is an example of the Union for the Mediterranean logic of encouraging the development of SMEs. Its three main objectives are:

• to encourage the creation of businesses and promote employment,
• to support innovation in the countries on the southern shores of Mediterranean,
• to develop North/South partnerships.

The promoters of projects which have obtained aid from the Faro fund will be invited to become members of the Faro association on a voluntary basis. This association aims at bringing together, within a network of entrepreneurs, the promoters of projects backed by the Fund so as to encourage sponsorship, exchange of experience and the exploitation of innovation.

We encourage women entrepreneurs to apply by visiting http://www.faro-um.org/en/etapes.php