What solution(s) does your initiative address to help emerging entrepreneurs and small businesses grow and thrive in underserved communities? (select all applicable)
Access to financing, Access to economic opportunity.
What has been the impact of your solution to date?
Since September 2000 Adelante has disbursed over 74,300 loans to more than 54,983 clients. These loans total over 9.3 million dollars. Without these loans, many women would have never been able to improve their families’ standard of living through the application of small business loans.
Our clients know well that our impact goes beyond statistics on loan disbursements. Teresa Rivera, a client from Atlantida recently told us, "What’s good about Adelante is that it’s not just an economic help, but the educational presentations too, they help us to manage our businesses better." The business education that the Credit Officers provide gives our clients invaluable lessons on managing their businesses which is particularly important to those who were not able to complete or attend secondary school.
What is your projected impact over the next 1-3 years?
We expect to continue growing our loan pool for our current three loan products while expanding into other loan products and services that will serve rural poor women of Honduras, including educational, agricultural and fixed asset loans, micro insurance, micro pensions, mobile banking and a more advanced business development service.
We also expect to create strategic partnerships to offer value added services including water, electricity, clean stoves and preventative health.
What barriers might hinder the success of your project? How do you plan to overcome them?
We have been operationally self-sustainable since 2010 due to our high repayment rates and by expanding loan pool with interest paid. However, we plan to expand loan pool to more than what we could do individually. We continue to seek out new avenues of funding, particularly with grants. We expect to continue to receive high repayment rates because of the entrepreneurial education we provide our clients at their bi-monthly assembly meetings and their regular contact with Adelante Credit Officers. The insecurity and corruption are destabilizing factors within Honduras, making our work more difficult and dangerous, although not impossible, to fulfill.
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
Expand our loan pool for Home Improvement Loan so that more of our clients can measurably improve their standard of living.
Now think bigger! Identify your 12-month impact milestone
By the end of 12 months we hope to see measurable results demonstrating success in fulfilling our social mission.