With a prize of 2.500 €, SINA was recognized and awarded for its concept of the “Purpose Pool” by the German “engagement price”.
The Purpose Pool is an innovative funding mechanism developed by SINA to support refugee entrepreneurs to scale up their social enterprises. Globally, there are 108.4 million people who have been forcibly displaced. Many forcibly displaced individuals lack access to business support services and funding options, leading to high unemployment rates and dependency on aid. The Purpose Pool seeks to address this issue by providing refugee-led enterprises with peer-to-peer selected capital. The funds provided are then repaid based on a revenue-sharing model, allowing the businesses to grow sustainably while creating employment opportunities and positively impacting the community. The SINA Purpose Pool Pilot, as an example, has already invested a total of $63,700 USD into six SINA social enterprises. These enterprises have not only repaid a total of $5,611 USD but have also managed to create 79 jobs. Additionally, they have achieved an impressive Compound Annual Growth Rate (CAGR) of 71.45%.
More details on the award (German only): https://www.engagementpreis.de/gewinnerprojekte/