MFIC Partners with TechnoServe to Foster Entrepreneurship in Developing Countries
Microfinance International Corporation (MFIC) has jointly launched a program with TechnoServe to assist entrepreneurs in developing countries to build businesses, which generate income and employment in the local economy with the overarching goal of reducing poverty. MFIC will facilitate access to financial services for entrepreneurs based on their flows of remittances from developed nations, making the program one of the first attempts to leverage migrantsf remittances for entrepreneurship capacity building in their home countries, contributing to sustainable economic development.
MFIC will host an information session to provide program details at one of its Alante Financial Branches in the Washington Metropolitan Area (TBD) at 11AM on December 15, 2007 and accept applications from interested clients.
The potential of remittance flow for economic development in receiving countries has been identified and much discussed in the recent years and yet there has been little evidence of the productive use of remittances. Immigrant workers from developing nations collectively sent over $300 billion worldwide in 2006, however, 80% of remittances were estimated to be collected in cash and spent on consumption and not channeled toward asset generating activities.
The first pilot project will be implemented in El Salvador, funded by the International Fund for Agricultural Development (IFAD) for promoting transnational loans. MFIC will bring in its expertise of providing retail financial services to the poor and in-depth credit analysis for the immigrant clientele, creating synergy with TechnoServefs mission to develop small to medium-sized enterprises and growth in the emerging markets.
TechnoServe is a US based nonprofit organization that helps entrepreneurs in the developing world to build businesses that provide jobs, income and economic opportunity. Since its foundation in 1968, TechnoServe has helped to create or improve more than 2,000 businesses, benefiting millions of people in more than 30 countries.
Microfinance International Corporation is a DC based private company whose mission is to make affordable professional financial services available for the poor through the use of advanced financial and information technology. Its unique combination of retail operation targeting unbanked immigrants in the U.S. (Alante Financial) and a network of partnering financial institutions in Latin America connected with its remittance platform allows the company to provide transnational families with a line of value-added financial services at both ends of the remittance equation.
MFIC will host an information session to provide program details at one of its Alante Financial Branches in the Washington Metropolitan Area (TBD) at 11AM on December 15, 2007 and accept applications from interested clients.
The potential of remittance flow for economic development in receiving countries has been identified and much discussed in the recent years and yet there has been little evidence of the productive use of remittances. Immigrant workers from developing nations collectively sent over $300 billion worldwide in 2006, however, 80% of remittances were estimated to be collected in cash and spent on consumption and not channeled toward asset generating activities.
The first pilot project will be implemented in El Salvador, funded by the International Fund for Agricultural Development (IFAD) for promoting transnational loans. MFIC will bring in its expertise of providing retail financial services to the poor and in-depth credit analysis for the immigrant clientele, creating synergy with TechnoServefs mission to develop small to medium-sized enterprises and growth in the emerging markets.
TechnoServe is a US based nonprofit organization that helps entrepreneurs in the developing world to build businesses that provide jobs, income and economic opportunity. Since its foundation in 1968, TechnoServe has helped to create or improve more than 2,000 businesses, benefiting millions of people in more than 30 countries.
Microfinance International Corporation is a DC based private company whose mission is to make affordable professional financial services available for the poor through the use of advanced financial and information technology. Its unique combination of retail operation targeting unbanked immigrants in the U.S. (Alante Financial) and a network of partnering financial institutions in Latin America connected with its remittance platform allows the company to provide transnational families with a line of value-added financial services at both ends of the remittance equation.