TechnoServe Receives $2 Million Grant to Cultivate Small and Growing Businesses
Haitian Business Accelerator Program Targets Entrepreneurial Enterprises
WASHINGTON, DC – The Clinton Bush Haiti Fund has announced a $2 million grant to TechnoServe to implement the Haitian Business Accelerator (HBA), a project that aims to transform small and growing businesses into investment-ready, bankable companies positioned to develop Haiti’s formal economy and promote jobs.
TechnoServe, a nonprofit organization with expertise in building businesses and industries throughout Africa, Asia and Latin America, will implement the project. HBA will work with Haitian companies over three years, identifying businesses that are worthy of investment and transforming them into businesses that are ready for investment. TechnoServe will solicit and review more than 1,000 business plans, select 750 entrepreneurs most suited for success, and train this elite group with global best practices in business development.
Additionally, TechnoServe will provide six months of advanced business mentoring for 60 HBA program entrepreneurs. It will use $300,000 of the $2 million grant to provide immediate access to financing for top performing businesses. HBA will seek out both new and existing businesses that could benefit from the program, and will build up the capacity of existing business development services providers. TechnoServe has already begun identifying a list of Haitian initiatives to provide a pipeline of small and growing businesses that would benefit from HBA services.
As Haiti works to rebuild, HBA addresses the need for business capacity development in its economy. “With the exception of a few large companies, Haiti’s formal business sector is very small, and businesses of all sizes have suffered significantly since last year’s earthquake,” explains Clinton Bush Haiti Fund’s Vice President for Programs and Investments Paul Altidor. “Small and growing enterprises hold the potential for transforming Haiti’s economy, but these enterprises need business acumen and access to financial services in order to attract the private investment they need to develop. The Business Accelerator will help them do just that.”
The Clinton Bush Haiti Fund is also working with TechnoServe’s Haiti Hope Project which aims to increase the income of 25,000 small farming families in the mango sector. In addition, TechnoServe recently completed the Mon Entreprise, Mon Avenir (My Business, My Future) business plan competition, guiding over 80 promising Haitian entrepreneurs through robust business plan development.
TechnoServe empowers people in the developing world to build businesses that break the cycle of poverty. Growing enterprises generate jobs and other income opportunities for poor people, enabling them to improve their lives and secure a better future for their families. Since its founding in 1968, the U.S.-based nonprofit has helped to create or expand thousands of businesses, benefiting millions of people in more than 40 countries. The Financial Times has rated TechnoServe one of the top five NGOs for corporate partnerships. TechnoServe’s corporate partners include Cargill, The Coca-Cola Company, General Mills, Goldman Sachs, J.P. Morgan, Nestlé-Nespresso, Olam International, Peet’s Coffee & Tea and Unilever, among others. Charity Navigator has also awarded its highest Four Star ranking to TechnoServe.
About Clinton Bush Haiti Fund
The Clinton Bush Haiti Fund is a 501(c)(3) nonprofit organization founded after Haiti’s January 12, 2010 earthquake, when President Barack Obama asked former Presidents Bill Clinton and George W. Bush to lead a major fundraising effort to assist the Haitian people to “build back better.” The Clinton Bush Haiti Fund initially responded to the catastrophe with millions in humanitarian relief. By the time the Fund began independent operations in May 2010, it transitioned to primarily serving its longer-term mission of sustainable reconstruction efforts designed to promote job growth and economic opportunity, and enabling Haiti to chart its own successful future.
For more information, please contact:
Andrew Eder, Marketing and Communications Manager, TechnoServe
Tel: +1 (202) 719-1327; E-mail: email@example.com
Meg Galloway Pearce, Vice President of Marketing and Communications,
Clinton Bush Haiti Fund
Tel: +1 (202) 572-4045; E-mail: meg.pearce@ClintonBushHaitiFund.org