Haiti - USA : USAID will help 30,000 informal Haitian MSMEs to develop

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Haiti - USA : USAID will help 30,000 informal Haitian MSMEs to develop
29/09/2020 11:25:02

The United States Agency for International Development (USAID) announces its new "Reach" project, funded to the tune of $12 million over four years to help small local businesses in Haiti develop business plans, access bank loans, formalize themselves and train a skilled workforce, so that they become profitable businesses. The United States Government, through USAID, will partner with Mennonite Economic Development Associates (MEDA) to help 30,000 Micro, Small and Medium-Sized Informal Enterprises (MSMEs) grow and create jobs.

US Ambassador to Haiti Michele Sison said, "Haitian small businesses are the engines of long-term economic growth. The United States Embassy strives to increase opportunities for Haitian entrepreneurs. Helping these businesses grow will increase the income of Haitian families and build more resilient communities [...]"

Note that informal MSMEs generate up to 80% of new jobs in Haiti, but many of these businesses face challenges that hinder their growth, such as limited access to finance from formal institutions and few sources of advice on how to to develop and expand their businesses. USAID's "Reach" project will create a more conducive business environment by addressing key challenges in business creation and inclusive expansion. The project will build on USAID's long history of supporting local businesses to foster economic growth in Haiti. Over the past 10 years, USAID has helped more than 12,000 microenterprises obtain loans to start or expand their businesses. With USAID support, 90 other SMEs generated more than $ 110 million in sales and created more than 27,000 jobs.

The "Reach" project will help establish a network of Haitian business advisers who will provide these businesses with affordable advice and training for their employees specifically tailored to their needs. The project will facilitate the connection between MSMEs and financial institutions to help them access the capital they need to invest in their businesses. In order to reach more businesses and create more jobs, the project will strengthen sector associations while supporting the Haitian government's strategy for MSME expansion and job creation.

About "Mennonite Economic Development Associates" (MEDA) :
Since 1953, MEDA has implemented effective market-oriented programs on a global scale. MEDA combines innovative private sector solutions with a commitment to advance and empower excluded, low-income and disadvantaged communities (including women and youth). They have core expertise in market systems and value chains, climate-smart agriculture, inclusive financial services and impact investing. MEDA partners with local actors in the private, public and civil society sectors, strengthening individuals, institutions, communities and ecosystems and thus contributing to sustainable and inclusive systemic change.

HL/ HaitiLibre