CABEI approves US$100,000 through its Foundation to benefit MSMEs in the region

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CABEI-Solidarios a la Microempresa Program awards innovative MSMEs nominated by microfinance institutions in the region, Colombia, and Argentina.

Mérida, Yucatán, September 21, 2022- In order to stimulate the generation of innovative initiatives in the micro, small and medium-sized enterprise (MSME) sector in the region, as well as improve their capacity to efficiently manage their businesses, the Central American Bank for Economic Integration (CABEI) approved a US$100,000 grant through its Social Support Foundation (FAS) for the development of the CABEI Microenterprise Solidarity Program.

The resources were granted to Solidarios, Council of American Development Foundations, and will recognize innovative MSMEs nominated by microfinance institutions in Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Belize, Panama, Dominican Republic, Colombia, and Argentina, which are members of Solidarios, through different categories that will be awarded and the prize can be used as seed capital for their business.

"In addition to being one of the sectors that generates the greatest social impact, MSMEs are also the main generator of jobs and income in our region, especially in rural communities. That is why we consider it vitally important to support innovation so that those that are emerging feel encouraged to develop their business and strengthen their capacities," said CABEI Executive President Dante Mossi.

Nominees and winners will receive training and mentoring to improve their skills and knowledge of financial literacy, business management and leadership, which will be oriented to support MSMEs in a personalized way according to the specific needs of their businesses.

Since 2020, CABEI created the FAS to promote high social impact projects in its member countries, in response to the multilateral's actions in support of microenterprises in the region, in recognition of their social and economic development work.