OAS MSME Newsletter: ( January 2024):
This OAS MSME Newsletter is published by the Department of Economic Development of the Executive Secretariat for Integral Development (SEDI). It is dedicated to measures recently announced by OAS Member States to drive the economic recovery of micro, small and medium-sized enterprises (MSMEs). The policy responses vary from country to country and are specific to the economic circumstances of each Member State. Given that every day produces new developments, this inventory is in no way exhaustive.
Women’s Economic Empowerment (WEE) Project – WEE Business Formalization Toolkits
These business formalization toolkits are a roadmap for women-led and women-owned micro, small and medium enterprises (MSMEs) in the Eastern Caribbean. They were designed to empower women to make informed decisions for themselves and their businesses.
MINISTRY OF ECONOMY SECRETARIAT OF INDUSTRY AND PRODUCTIVE DEVELOPMENT
The Resolution 670/2023 of the Ministry of Economy, Secretariat of Industry and Productive Development in Argentina, extends the deadlines related to the Electronic Credit Invoice for Micro, Small, and Medium Enterprises (MSMEs) established in Law N° 27.440 until February 29, 2024. This includes deadlines for payment, acceptance, rejection, and registration of these invoices, maintaining a period of 21 consecutive days. The measure responds to the need for companies to adapt to the regime and to changes in government management.
IDB Invest Promotes Access to Financing for MSMEs in Belize
BID Invest has provided a senior loan of up to $30 million to Atlantic Bank Limited to enhance financing access for micro, small, and medium-sized enterprises (MSMEs) in Belize. The loan, comprising a committed tranche of $20 million and an uncommitted tranche of up to $10 million, each with a three-year term, aims to support the growth of Atlantic Bank’s MSME portfolio. Additionally, advisory services will be offered to fortify Atlantic Bank’s MSME strategy, especially for women led MSMEs.
CAF (Development Bank of Latin America) has approved funding of 1.553 billion USD for various projects across seven Latin American countries. These initiatives encompass areas such as green hydrogen, education, water and sanitation, health, road infrastructure, and support for small and medium-sized enterprises (SMEs), especially those led by women. The funding aligns with 15 of the 17 Sustainable Development Goals and aims to improve quality of life and offer more opportunities in Bolivia, Brazil, Chile, Colombia, Ecuador, the Dominican Republic, and Uruguay.
CAF (Development Bank of Latin America) has approved funding of $1.553 billion for various projects across seven Latin American countries. These initiatives encompass areas such as green hydrogen, education, water and sanitation, health, road infrastructure, and support for small and medium-sized enterprises (SMEs), especially those led by women. The funding aligns with 15 of the 17 Sustainable Development Goals and aims to improve quality of life and offer more opportunities in Bolivia, Brazil, Chile, Colombia, Ecuador, the Dominican Republic, and Uruguay.
BID Invest boosts women-owned businesses in Brazil
BID Invest has granted a $30 million loan to Sicredi to boost its portfolio of women-owned micro, small, and medium enterprises (MSMEs) in Brazil, with a focus on the Amazon region.
Learn about CPTPP benefits for small and medium-sized enterprises
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) provides small and medium-sized enterprises (SMEs) in Canada with significant benefits, such as eliminating tariffs on most exports, creating more predictable trade conditions, and addressing global market challenges. It also simplifies customs procedures and supports SMEs in competing more effectively in the Asia-Pacific market.
In 2023, ProChile supported 172 Chilean SMEs to export for the first time, with a notable contribution to the diversification of the export basket and intraregional trade. These businesses, which are primarily in the service, creative economies, and industrial sectors, exported nearly $29 million worth of goods between January and October, with top markets including Peru, Mexico, the United States, and the United Kingdom.
Chile’s Ministry of Economy kicks off SME and Cooperatives Week with the launch of the “Pyme Ágil” program and the “Somos Almacenes” alliance, offering about 500 activities nationwide, including fairs and learning experiences to boost entrepreneurs. The initiative aims to enhance neighborhood store growth through public-private collaboration, with the “Pyme Ágil” program enabling digital business registration for enterprises in selected communities. *Nov 27, 2023*
The SEGIB (Ibero-American General Secretariat) and the Chilean Agency for International Cooperation have introduced a digital self-diagnosis tool for SMEs. This kit, aimed at digital leaders, includes a self-assessment tool and practical guides to assist companies in implementing digital solutions. It also provides resources such as case studies, recommendations for public policies, and a digital toolkit. The tool aims to enhance the digital transformation of Ibero-American SMEs, focusing on building digital leadership within organizations.
CAF (Development Bank of Latin America) has approved funding of $1.553 billion for various projects across seven Latin American countries. These initiatives, discussed in a meeting in Brazil, encompass areas such as green hydrogen, education, water and sanitation, health, road infrastructure, and support for small and medium-sized enterprises (SMEs), especially those led by women. The funding aligns with 15 of the 17 Sustainable Development Goals and aims to improve quality of life and offer more opportunities in Bolivia, Brazil, Chile, Colombia, Ecuador, the Dominican Republic, and Uruguay.
CAF (Development Bank of Latin America) has approved funding of $1.553 billion for various projects across seven Latin American countries. These initiatives encompass areas such as green hydrogen, education, water and sanitation, health, road infrastructure, and support for small and medium-sized enterprises (SMEs), especially those led by women. The funding aligns with 15 of the 17 Sustainable Development Goals and aims to improve quality of life and offer more opportunities in Bolivia, Brazil, Chile, Colombia, Ecuador, the Dominican Republic, and Uruguay.
The Colombian government will allocate more than $34,000 million to improve the supply chain of 1,365 SMEs and productive units. The strategy called ‘EnCadena, mejores proveedores’ aims to enhance the capabilities of these companies to become part of national and international production chains, adding value with specialized products and services. The funding will provide technical assistance, training, and access to digital tools to prepare these SMEs and productive units to meet the requirements and improve their conditions as suppliers. This initiative will involve collaboration with anchor companies and strategic partners, aiming to increase Colombia’s participation in global value chains.
Technology Key in Mipymes Reindustrialization”: MinTIC
The Ministry of Information Technology and Communications renew commitment to promoting technology for digital transformation and a knowledge-based economy at the 68th National MSMEs Congress. Initiatives like ‘Colombia PotencIA Digital’ and ‘Tu Negocio en Línea’ aim to support micro, small, and medium-sized enterprises (MSMEs) with innovation, access to capital, and digital skills development. The Ministry encourages MSMEs to take advantage of free training programs available on their websites, emphasizing the pivotal role of technology in MSMEs reindustrialization and growth.
Colombia Hosts the VI Ibero-American SME Forum
The VI Ibero-American Forum on MSMEs was held in Medellín, Colombia, with more than 800 attendees representing the public and private sectors from 22 countries. The forum aimed to address the current challenges, and opportunities faced by micro, small, and medium-sized enterprises in the Ibero-American region. Discussions at the event included topics such as the potential for small-scale agribusiness, the development and job creation in the sector, and how to enhance competitiveness and sustainable development in Ibero-America. The forum also focused on the promotion of intraregional trade, which is presently low in Latin America, and explored opportunities for nearshoring.
Colombia Productiva’s ‘Apuestas productivas sostenibles’ program offers up to $45 million and advisory support to 50 SMEs to cut water and energy use, enhancing productivity and environmental impact. The initiative prioritizes vulnerable regions and includes a virtual diploma on climate change. The ‘MiPymes Innovadoras’ program in Bogotá supports 30 SMEs in innovation and technological improvement, with a total investment of $1.412 billion.
TOURISM SMEs CAN NOW SELL THEIR PRODUCTS ONLINE THROUGH THE TICO TREASURES PLATFORM
Costa Rica’s new Tico Treasures platform allows local tourism SMEs to sell their crafts online, expanding their market reach globally. This initiative is part of a collaboration between ICT, Mastercard, and Correos de Costa Rica, with Banco de Costa Rica providing financial e-commerce tools.
CAF (Development Bank of Latin America) has approved funding of $1.553 billion for various projects across seven Latin American countries. These initiatives encompass areas such as green hydrogen, education, water and sanitation, health, road infrastructure, and support for small and medium-sized enterprises (SMEs), especially those led by women. The funding aligns with 15 of the 17 Sustainable Development Goals and aims to improve quality of life and offer more opportunities in Bolivia, Brazil, Chile, Colombia, Ecuador, the Dominican Republic, and Uruguay.
BID Invest and Banco BHD support women-led SMEs in the Dominican Republic.
BID Invest has provided a $75 million subordinated loan to Banco BHD in the Dominican Republic to support micro, small, and medium-sized enterprises (MSMEs) led or owned by women.
The USAID has launched a $1.4 million EDGE Fund initiative with the Global Alliance for Trade Facilitation to empower SMEs and women-owned businesses in the Dominican Republic. It focuses on enhancing trade and nearshoring opportunities through public-private collaboration. The initiative will support local businesses to integrate into global value chains and achieve trade certifications, with workshops to leverage nearshoring advantages. It’s part of a broader effort to modernize private sector engagement for addressing global challenges.
Government holds national event to strengthen exports of Dominican SMEs to the Caribbean
The Dominican Government organized “Más comercio Caribe”, a national event to strengthen Caribbean exports by SMEs. This initiative, led by top government officials, aimed to diversify export markets, address challenges, and enhance regional trade. It featured conferences and panels on market opportunities and logistics. Additionally, a committee was formed to boost SME exports to the Caribbean and position the Dominican Republic as a key logistics hub.
CAF (Development Bank of Latin America) has approved funding of $1.553 billion for various projects across seven Latin American countries. These initiatives encompass areas such as green hydrogen, education, water and sanitation, health, road infrastructure, and support for small and medium-sized enterprises (SMEs), especially those led by women. The funding aligns with 15 of the 17 Sustainable Development Goals and aims to improve quality of life and offer more opportunities in Bolivia, Brazil, Chile, Colombia, Ecuador, the Dominican Republic, and Uruguay.
CAF approved an A/B Loan to Banco Guayaquil to support MSMEs led by women and green programs
CAF approved a $100 million A/B loan for Banco Guayaquil aimed at supporting women-led SMEs and green programs in Ecuador. The initiative, led by CAF, plans to benefit around 5,000 SMEs focused on green operations such as energy efficiency, renewable energy, agriculture, sustainable construction, and industry. The loan will also support environmental business programs in these areas. This financial support is part of CAF’s strategy to promote employment generation and improve the quality of life in Ecuador.
The ADEL Morazán Business Development Center in El Salvador will enhance its services to small and micro enterprises (SMEs) with non-reimbursable technical assistance from the DINAMICA II Initiative, supported by the Central American Bank for Economic Integration (BCIE), the German Government, and the European Union. This assistance, amounting to $45,400, will benefit 280 SMEs by strengthening their business capabilities, particularly in digital tools and innovation, contributing to the country’s economic development and employment generation.
The MYPE Plaza is inaugurated at CONAMYPE
The Salvadoran Government, through CONAMYPE and FANTEL, has inaugurated the Plaza MYPE in San Salvador. This venue, designed to support and train small businesses and artisans, aims to assist 40 enterprises annually. It offers a Business Formation diploma and business promotion opportunities.
Launch of the Financial Education Diploma for small and medium-sized enterprises
El Salvador’s government, along with CONAMYPE, KOICA, UNDP, and ESCO, introduced a Financial Education Diploma specifically for MYPEs. This program is designed to educate entrepreneurs in financial management, both personally and for their businesses, and to support better decision-making and quality of life. It includes six modules on various financial subjects and is accessible through CONAMYPE’s virtual platform. This initiative aligns with Plan Cuscatlán’s objectives to foster sustainable community and family economies.
The Salvadoran Government, with CONAMYPE, KOICA, UNDP, and ESCO, allocated $484,200 in non-repayable funds to support dynamic entrepreneurial projects in El Salvador. This initiative benefits 54 initiatives in various sectors, aiming to strengthen innovative micro and small enterprises and support the country’s economic reactivation.
KOICA donates vehicles to support SMEs and entrepreneurs
The Korea International Cooperation Agency (KOICA) donated eight vehicles to the National Commission for Micro and Small Enterprises (CONAMYPE) in El Salvador. This donation, part of a larger $6.6 million project for the economic reactivation of El Salvador, includes four SUVs and four pickup trucks, totaling $200,000. The project, executed with the United Nations Development Program (UNDP) and CONAMYPE, runs from 2021 to 2024.
The Central American Bank for Economic Integration has approved a $100 million program for Honduran agribusiness and rural credit. This program will assist over 88,000 families, 4,000 farmers, and 2,000 cooperatives with credit and technical support, aiming to enhance living standards, food security, and agricultural productivity.
The Planning Institute of Jamaica advocates for socioeconomic initiatives as essential for community transformation. The 2023 PIOJ Community Renewal Program symposium focused on comprehensive strategies to reduce violence via economic and psychosocial interventions. The importance of education, the role of micro, small, and medium-sized enterprises (MSMEs) in development, and addressing psychosocial needs were key topics. Government and the Social Development Commission presented data to support economic initiatives and employment. An accompanying fair exhibited over 90 MSMEs, demonstrating local economic engagement.
Cabinet Council approves measures in favor of MSMEs and pig farmers in the country
Panama’s Cabinet has approved a $150 million loan from the IDB to support the Panama Guarantee Fund, aiming to benefit 2,500 MSMEs. Measures to restrict pork imports were also sanctioned to protect local producers in alignment with international trade agreements. These actions are intended to boost MSME productivity and preserve domestic agriculture.
The National Bank of Panamá launches new products for entrepreneurs
The National Bank of Panamá, in coordination with the Authority of Micro, Small, and Medium Enterprises (AMPYME), has launched two new financial products aimed at entrepreneurs who are part of a Business Society. These products include a savings account that can be opened with B/.150.00 and a current account with B/.250.00. This initiative is part of Banconal’s sustainable business strategy to promote responsible competitiveness in Panama’s economy and aligns with the Sustainable Development Goals (SDGs).
MITIC and the Vice Ministry of MSMEs in Paraguay are joining forces to digitize business procedures to help entrepreneurs enhance their competitiveness. The initiative involves integrating digital government services, promoting digital economy growth, and bolstering institutional capabilities towards digital transformation. This effort aims to improve business productivity and access to new markets.
SENAC trains SMEs that have received the Integrity Seal.
SENAC leads a training program for small and medium-sized businesses in Paraguay, focusing on ethics and anti-corruption. This initiative, part of the International Week Against Corruption, was aimed at companies awarded the Integrity Seal. The training, offered both online and in-person, emphasized the role of top management in promoting a culture of integrity to combat corruption and fraud in business.
Tourism sector MSMEs in Cusco are trained in financial education and digital wages.
The ILO and GERCETUR conducted a financial education course for MSMEs in Cusco’s tourism sector, aimed at enhancing financial management and encouraging digital wage payments. The course, which saw participation from around 60 small business representatives, covered budgeting, digital payments, and financial planning over nine hours. Interest from this event has prompted the scheduling of a future course on digital wage payment for early 2024.
Produce: MSMEs generated more than S/180 million in sales commitments during 2023.
In 2023, Peru’s Ministry of Production reported that MSMEs achieved over S/180 million in sales commitments through eight Business Rounds, supporting local businesses’ growth and market expansion, with a focus on innovation and sustainability.
The Ministry of Small Business & Entrepreneurship of St. Kitts heads a vital business meeting on November 30th, 2023, aimed at aiding local entrepreneurs with their business operations and growth strategies. The meeting will feature key insights from Ministry officials and financial experts.
Ministry of Commerce officials visit small businesses
The Minister visited several MSMEs in the northern part of the island to monitor the improvements made with the MSME Loan Grant Facility. This facility provides post-COVID relief to registered MSMEs with a combination of grants and loans at a low-interest rate of 3 percent. The funds can be used for various purposes, including equipment upgrades, food safety standards, and training programs.
CAF (Development Bank of Latin America) has approved funding of $1.553 billion for various projects across seven Latin American countries. These initiatives encompass areas such as green hydrogen, education, water and sanitation, health, road infrastructure, and support for small and medium-sized enterprises (SMEs), especially those led by women. The funding aligns with 15 of the 17 Sustainable Development Goals and aims to improve quality of life and offer more opportunities in Bolivia, Brazil, Chile, Colombia, Ecuador, the Dominican Republic, and Uruguay.
