SENPRENDE to execute US$75 million CABEI-financed program to support Honduran MSMEs (Micro, Small, and Medium Enterprises)
SENPRENDE will channel credit and guarantee financial resources to microenterprises at a national level to support this sector's economic reactivation.
Tegucigalpa, June 30, 2021.- On Tuesday, the Central American Bank for Economic Integration (CABEI) authorized that the "Program for Economic Reactivation through MSMEs during the COVID-19 Crisis and Post Crisis in Honduras", in its Phase B for US$75 million, be executed by the National Service for Entrepreneurship and Small Businesses (SENPRENDE).
The program consists of providing financial resources to micro, small and medium-sized enterprises (MSMEs) to support employment and economic reactivation, as well as the creation of a guarantee fund to facilitate access to such loans. For the execution of Phase B of this Program, SENPRENDE, through the Presidential Solidarity Credit Program (PPCS), will channel resources under favorable conditions to Honduran microentrepreneurs through its financial intermediaries, facilitating the transfer of funds in its platforms throughout the country through cooperatives, rural savings banks, financial companies and banks.
CABEI Executive President, Dr. Dante Mossi, emphasized, "We are very pleased to continue supporting Honduran MSMEs, which generate more than 70% of the country's employment, especially micro-entrepreneurs, one of the sectors most affected by the pandemic. This will allow us to move forward with the country's economic recovery in the wake of the COVID-19 crisis."
The “"Program for Economic Reactivation through MSMEs during the COVID-19 Crisis and Post-Crisis in Honduras" was approved by CABEI on May 7, 2020 for US$300 million, creating conditions for access to credit, financial inclusion, and job creation. Sections A and C of the loan, for US$100 million and US$125 million, respectively, are being executed by Banco Hondureño para la Producción y la Vivienda (BANHPROVI).
The initiative is in line with CABEI's 2020-2024 Institutional Strategy, contributing to the Human Development and Social Inclusion strategic axis that seeks to guarantee the well-being and quality of life of Central Americans.