CABEI Promotes Financial Inclusion and Entrepreneurship in the Central American Region

Tegucigalpa, October 17, 2023.- In order topromote the financial inclusion of micro, small and medium-sized enterprises (MSMEs) in the region, the Central American Bank for Economic Integration (CABEI), through its Social Support Foundation (FAS), approved a grant of up to US$300,000 to the Solidarios Network of the Council of American Development Foundations for the execution of the CABEI-Microenterprise Solidarity Program 2023-2025.

The purpose of the Program is to train, recognize and reward micro, small and medium-sized entrepreneurs in order to encourage the generation of innovative initiatives, strengthen their capacities for more efficient resource management, facilitate their access to the financial sector and promote the financial inclusion of MSMEs at the regional level, with special emphasis on businesses led by women.

Each year, at the regional level, a call for applications is held in which the microfinance companies that are members of the Solidarios network nominate entrepreneurs who stand out in their communities due to their testimony, business management and leadership. An evaluation committee, based on specific variables and criteria, selects approximately 18 of these entrepreneurs to be recognized with seed capital.

In addition, as part of this initiative, a customized technical assistance and mentoring program is implemented that focuses on key areas such as financial management, accounting records, inventory management, budgeting, access to financial services, among others.

FAS was created by CABEI in 2021 with the objective of promoting high social impact projects in member countries, since then it has supported initiatives that improve the development of human capital and the quality of life of socially vulnerable populations.