Our priorities: Communities
'From shopkeepers to entrepreneurs, boosting small businesses'
At the Bavaria Foundation we're always looking for new ways to promote entrepreneurship. This year, we have been tackling one of the main barriers to starting a small business – the lack of access to credit. We've worked with local banks to provide micro-finance for shopkeepers so they can strengthen their businesses, increase their revenues and improve their quality of life. In the last two years, more than 4,000 shopkeepers have benefited from US$6 million made available in micro-credit financing.
Over the last five years we've helped to create over 286 businesses through our Destapa Futuro programme. We've supported over 1,100 entrepreneurs by investing over US$8 million in seed capital and US$2 million for training and mentoring. In turn, the entrepreneurs we work with have created over 5,000 jobs. I'm most proud that the investment, practical advice and mentoring we provide help ensure that 93% of these businesses are still operating.
Every year, through a strict selection process, potential entrepreneurs are identified to participate in the programme. Suitable entrepreneurs typically either have an idea or recently established business and have the potential to generate income, jobs and benefits for their communities.
Once the entrepreneurs with the best profiles and the best business models have been identified, the Bavaria Foundation invests US$1.5 million as seed capital and for fixed assets investment as well as providing strategic assistance and follow-up in their development during the following year.
Catalina Garcia Gómez, Director: Fundación Bavaria
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