Providing financial services to low-income clients who usually lack access to banking and related services – that is the concept of microfinance. It is an opportunity for the “unbankable” to become active in the local economy.
Monitoring and Evaluation
LED strategies and projects all need to have specific goals and objectives. Strategies may aim to increase employment by encouraging new enterprise development, target specific areas or clusters under regeneration programs or improve productivity through the provision of business support services. Effective monitoring and evaluation focuses the implementation strategies and programs on results. There is no standard set of indicators used by LED practitioners, partly because LED is such a broad topic. The range of indicators used is often focused on four dimensions, economic structure of the local economy, local endowments, human capital and institutions. Both local and national indicators need to be gathered for LED strategic planning.
Monitoring is a continuous process of collecting and analysing data to compare how well a project, program or policy is being implemented against expected results.
Traditional monitoring is concerned with tracking inputs, activities and outputs Common inputs include money, staff resources or equipment. Activities are simply the tasks associated with a project or program.performed or events held in pursuit of the project or program objectives. The products and services produced under a project or program are outputs. Outputs for a business promotion project may include the provision of office sites, establishment of a business networking facility or training in financial management, accounting and marketing.
Evaluation is needed to focus on the attainment of outomes and impacts. Evaluation is a regular assessment of the relevance, efficiency, effectiveness, impact and sustainability of strategies projects, programs and policies.