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 supply chains, Access to technology, Access to economic opportunity.
What has been the impact of your solution to date?
Our managers who were previously jobless are now running profitable small trading enterprises earning between P8,000 to P13,000 per month. They will be growing and expanding business operations over time. However, the real social impact comes in the number of farmers that are under their network. They each support between 60-100 farmers each and issue about P600-700,000 of cash advances each month to these farmers.
What is your projected impact over the next 1-3 years?
We plan to replicate this successful pilot model all across Mindanao which is one of the poorest farming regions in the Philippines. We currently support a network of about We plan to hire 10 more managers over the next year each supporting between 60-100 small farmers. Our total outreach and impact is targeted to increase from 240 farmers to about 1000 farmers in 1 year. Our model makes our business extremely scalable as each manager is in charge of his own region which can support a few hundred farmers.
What barriers might hinder the success of your project? How do you plan to overcome them?
Evaluating the integrity and business acumen of new managers is a long process of interviewing, training, apprenticeship and seed funding. The whole process takes about 4-6 months before the manager can truly make a big economic impact in his own community. My firm, Oceanic Gold, is improving its evaluation process so the turnaround time will be reduced especially when we build a more standard process for the training of new managers. We are compiling a set of best practices and lessons learnt so that new managers can get up to speed.
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
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