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Support Mechanism

How does Iktifa Foundation work?

  1. The owner of the idea or talent and capacity to produce (young and needy people) requests and applies for donations to the foundation to support his small-scale project. (Whether it is for financial, information and consultancy support or to benefit from experience, it does not matter)

3. Collaboration with the idea owner is carried out after the evaluation of the project, the preparation of the feasibility report and the chance of success. Accordingly, the decision is taken after examining the applicant and evaluating the products of the project, the market’s need for them, and the chances and assurance of success of the expectations set out in the study.

5. The foundation makes a contract between the project owner and the foundation. (As a result, a loan (karz-ı hasen) contract in which the entrepreneur owns the project). And the foundation guarantees its rights with this contract.

7. The share of the foundation represents 15% of the project of the entrepreneur who wants to participate in the foundation. The percentage of profit from this ratio represents one pillar of the elements in strengthening the foundation in the continuation of the performance of the foundation’s sustainable, productive and developmental role.

2. The Foundation conducts a preliminary study on the files submitted together with the request submitted by the applicant and the CV of the applicant.

4. After approval, the budget to be spent on the project is paid out gradually in proportion to the size and timing of the purchase of production materials, equipment or raw materials. The client does not receive the amounts in cash, but the foundation makes the purchase on behalf of and in the presence of the project owner.

6. The project owner continues to pay the installments until the amount repaid to the foundation reaches 85% of the amount spent on the project, according to the payment schedule signed between him and the foundation (after a grace period according to the advice drawn up on the basis of the feasibility study). Thus, the foundation’s contribution constitutes 15% of the total project. (This percentage is an alliance between the Foundation and the beneficiary and a memorandum of understanding is signed about it.) If the beneficiary wishes to return the full amount, the foundation has no objection.

8. The entrepreneur (beneficiary) owns his/her project from the moment he/she starts building it.