Haiti - Economy : $500,000 to increase access to credit for very small and small enterprises
The Barbados-based Caribbean Development Bank (CDB) announces that it will contribute to the tune of US$500,000 towards a project aimed at giving entrepreneurs in Haiti better access to business loan and savings products.
It said that the funding will specifically focus on underserved and unserved micro, very small and small enterprises (MSEs) on the island.
CBD said its contribution will be made through the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB). The funds will be used to establish a specialised MSE business financing assessment unit, "Centre Financier pour Entrepreneurs" (CFE) in partnership with "Le Levier", a financial institution which has a network of 43 savings and credit cooperatives across Haiti. "This initiative aims to strengthen the capacity of the financial institutions within Le Levier‘s network to better appraise credit applications from MSE clients. With this process in place, MSE owners are expected to have better access to financing instruments that best suit their needs," the CDB added.
