Six innovative Salvadoran micro and small enterprises received awards from CABEI, the European Union and the Government of Germany

San Salvador, December, 2023.- The DINAMICA II Initiative of the Central American Bank for Economic Integration (CABEI), the Government of Germany, through KfW, and the European Union (EU), supported three exhibition and marketing fairs as part of the Specialized Diploma in E-commerce, aimed at micro and small enterprises (MSEs), facilitated by the Center for the Development of Micro and Small Enterprises (CDMYPE) of the Gerardo Barrios University (UGB) in El Salvador, with the support of the National Commission for Micro and Small Enterprises (CONAMYPE).

In total, 516 micro and small entrepreneurs from the 14 departments of El Salvador, graduated from the Diploma, in which 298 women business owners participated, who acquired digital tools to strengthen the Management of their online store and develop effective e-marketing strategies. In addition, as part of the learning process, participants had the opportunity to exhibit and market their products at fairs, where they demonstrated the knowledge acquired.

During the fairs, thanks to the DINÁMICA II Initiative, awards were given to micro and small enterprises: Nantli Inversiones, Graphia, Festa, Pizza 503, Sassy and Carteras Birgham's, for their innovative business models, application of new technologies and excellent knowledge of market needs and their products. The prizes awarded total US$15,000.00.

Alexander Novoa, first place winner, is founder of Sassy, a venture dedicated to the production of customized t-shirts with a focus on quality and customer service. "These funds will allow us to take the next step, investing in a machinery called DTF, which will facilitate printing in a more versatile way; this will also give us the opportunity to open a permanent position in our company," highlighted Novoa.

The DINÁMICA II Initiative is a tripartite effort by CABEI, the Government of Germany through KfW and the European Union, which seeks to contribute to economic development and job creation in Central America by strengthening the business ecosystem for new, young and innovative MSMEs, in addition to promoting adequate access to financial services.

To date, this Initiative has supported Salvadoran MSMEs with more than US$12 million in loans; it has strengthened more than 98 micro and small enterprises with nonreimbursable Small Grants resources; and it has more than US$6 million for allocations in technical assistance to strengthen Business Development Centers and MSMEs, as well as seed capital for innovative enterprises and MSMEs, through El Salvador's Special Office.