More than 80 Salvadoran micro and small enterprises will receive resources as donations from the DINÁMICA II initiative.
• To date, 31 micro and small enterprises have already benefited from the support of the "Small Donations".
San Salvador, March 2nd, 2023.- In order to promote the business development of Salvadoran micro and small enterprises (MSMEs), the DINÁMICA Initiative of the Central American Bank for Economic Integration (CABEI) together with the European Union (EU) and the Government of Germany, through KfW, began the delivery of resources, as a donation, to 31 Salvadoran MSMEs.
The 31 companies, which represent the first beneficiaries of this support, are young enterprises and MSMEs, and have a workforce of 50 employees. The Small Donation are a complement to the financing received from the Support Facility for MSMEs affected by COVID-19 program, through intermediary financial institutions.
"With these donations, the European Union approaches and invests in the dynamism of small entrepreneurs. Their businesses are pillars for creating quality jobs and promoting the economic development of the country," said François Roudié, Ambassador of the European Union in El Salvador.
The US$29,000 was granted to Caja de Crédito of Santiago Nonualco and Banco de los Trabajadores Salvadoreños for delivery to the beneficiaries, as part of the actions carried out with DINAMICA, which to date has approved resources under its "Small Donations" component for more than 80 small and medium-size companies throughout the country.
"The small grants are a unique effort of its kind. This is the first time we have provided funds under this modality, and with it we seek to ensure that the MSME sector, which is so important to the economies of our region, continues to develop and generate jobs, consolidating its economic reactivation," said CABEI Executive President Dante Mossi.
The "First Donations" presentation event took place in Santiago Nonualco and was attended by the Ambassador of the European Union in El Salvador, François Roudié, KfW's Local Representative in El Salvador, Liliana Monteiro de Sousa, CABEI's Senior Country Executive in El Salvador, Fernando Larín, and the President of the Caja de Crédito of Santiago Nonualco, César Bonilla.
DINÁMICA is a tripartite Initiative of CABEI as executing agency, the European Union and the Government of Germany, through KfW, as part of its Latin American Investment Facility (LAIF). Its main objective is to promote and strengthen the development of the entrepreneurial ecosystem and the private sector, especially for MSMEs.
"At the time of the pandemic as an entrepreneur I was weak financially, but then I accessed the Caja de Crédito, and they gave me the credit to improve the infrastructure of my business. The greatest support has been to improve my bookstore. Nobody trusted me, but this initiative has contributed significantly to my business," said Marina García, owner of Librería Variedades Génesis.
It is expected that in the coming months, more small grants will continue to be disbursed in the country through CABEI's allied financial institutions and to strengthen Salvadoran businesses. This effort is not only local, but also regional, and to date, more than $112,000 has been disbursed to 76 small and medium-sized enterprises in Costa Rica, Nicaragua and El Salvador.