Business
Clinton-Bush Fund $850,000 for Loans to Women's Small Businesses
- Monday, August 01, 2011 12:53 PM
WASHINGTON, D.C. - The Clinton Bush Haiti Fund announced today a grant to of $850,000 to Fonds Haïtien d’Aide à la Femme (FHAF) a microfinance institution that provides loans to women in Haiti.
Haiti needs business capital to rebuild, and FHAF has demonstrated a commitment to providing microfinance for small and growing businesses.
The FHAF has been in operation for twenty-nine years. It is women-created and women-led and has provided loans to thousands of female micro-entrepreneurs in both underserved rural and urban areas of Haiti.
The earthquake collapsed the FHAF headquarters in Port-au-Prince and has lost substantial equipment. As FHAF works to rebuild, the Clinton Bush Haiti Fund will provide resources for FHAF to restructure its business so it can be a strong, successful lender again.
The Fund’s grant supports a variety of measures. It will help hire and train Haitians for key director positions, as well as update the lender’s technology system. It will also provide the capital for FHAF to continue providing loans to its best clients.
“By reaching out to women through small business loans, we are also reaching out to her suppliers and customers in the community,” explains Henrietta Holsman Fore, Clinton Bush Haiti Fund board member and former USAID Administrator. “Research shows that these microloans mean more than just invigorated businesses and empowered women, they also mean invigorated communities with education for children and health care for families. FHAF places a high value on pulling women into the Haitian economy, and it deserves the opportunity to succeed.”
The grant incorporates mentoring and expertise from Nodus Consultores , an international consulting firm that specializes in strengthening financial systems for small and growing businesses in developing countries. Nodus and FHAF have worked closely to reimagine FHAF’s potential, and the Clinton Bush Haiti Fund’s grant will bring this vision to life.
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Source: EON
