The Clinton Bush Haiti Fund has given half a million dollars to Fonkoze. Basically, it’s for deploying a team of business analysts to identify and evaluate small and medium-sized enterprises. This will be enormously helpful for developing the Zafen website in an ongoing way. The press release highlights the role of the Vincentian Family and DePaul University.
Clinton Bush Haiti Fund’s $500,000 grant to Fonkoze will establish a pilot program that creates a network of qualified Haitian business analysts, deploying them throughout Haiti to identify and evaluate promising small and medium-sized enterprises (SMEs). Fonkoze, in partnership with Mercy Corps, The Vincentian Family, DePaul University, the Haitian Hometown Association Resource Group and the Multilateral Investment Fund of the Inter-American Development Bank (IDB), will help facilitate access to capital for investment-ready enterprises. It will also establish an innovative voucher program providing business development services to enterprises that are investment-worthy, helping them strengthen their business practices and become investment-ready and eligible to access commercial credit. “Clinton Bush Haiti Fund’s grant was essential in getting this crucial pilot program off the ground;” said Anne Hastings, Chief Executive Officer, Fonkoze Financial Services, “with their support we’ll be able to transition more businesses to the formal sector, increase their ability to get capital, and help establish business practices that will aid in long-term growth.”
Fonkoze is the largest microfinance institution in Haiti, serving more than 45,000 female borrowers (most of whom live and work in rural areas) and more than 200,000 depositors. With a network of 42 branches covering every province of Haiti, Fonkoze is the only microfinance institution that is truly national in scope. It is well-positioned to address the pressing need to quickly rebuild Haiti’s small and medium-sized business sector, which plays a pivotal role in Haiti’s economy and has suffered major devastation. Its website, Zafèn.org, meaning It’s Our Business in Haitian Creole, was created to facilitate collaboration between Haiti-based business owners and people interested in supporting the Haitian economy. Zafèn.org provides Haitian SMEs with access to capital through zero-interest loans and grants.
Tags: Bush, Clinton, Fonkose, Haiti, Zafen