Central regions | Finance, business | Technology & innovation
Government launches acceleration program for social projects
5 Dec '17
Russia’s Fund for Social Projects Support has started a screening process for its pioneering acceleration program. As many as 50 project teams may expect funding upon completion of the program, Agency for Strategic Initiatives (ASI) CEO Svetlana Chupsheva announced on Monday.
“In April 2018 program participants will be able to pitch their projects to potential mentors and investors. The most successful projects will be eligible for Fund for Social Projects Support funding on easy terms. We expect 30-to-50 teams to be picked for the pioneering initiative,” Ms. Chupsheva said.
The new acceleration program is a joint initiative of the Fund for Social Projects Support, ASI, and the Internet Initiatives Development Fund (IIDF, another government fund in Russia).
Participants will be eligible for anything between $8,500 and $50,800 in collateral-free loans for one year. A key screening criterion is for a project to be business-oriented, which means to be able to pay off, and be scalable.
“We are also ready to back very early stage projects. The Fund will support those successfully working in this field already or just considering doing it,” Fund for Social Projects Support CEO Evgeniya Shokhina said.
The program organizers will assess the social significance of a project by both application (education, health care, social protection, culture, sports, environment, etc.) and an impact each project is expected to have on society.
“If a project solves problems multitudes of people are facing, or the driver of the project is himself/herself a parent of many children, pensioner or on disability, we will consider such an effort a social project,” Ms. Shokhina added.