Local Business Development On the Rise

USAID funds the Local Business Development Program in Ecuador, focusing its efforts on increasing incomes and creating employment for families along the northern and southern borders. Its projects include “facilitating the expansion of private enterprises” and “strengthening local private producer groups and associations” in the region.

Ecuador’s Local Business Development Program worked to cultivate a wide range of sustainable changes within the target population by providing ideal opportunities for families to develop their own businesses or obtain jobs within different sectors of the economy. The program “strived to foster a competitive private sector environment in Ecuador that stimulated and promoted employment and increased incomes.”

Banks and other companies are also lending their resources to the development of local businesses all over the world. Doral Bank, with CEO Glen Wakemen, launched such a project for local businesses in Puerto Rico to help them “develop, strengthen and grow.”

Doral explains: “Comerciantes d comunidad is a joint effort with community-based organizations. Its goal is to aid in the local small business development, strengthening and growth. Through $1,000 to $10,000 loans, this community program’s objective is to support the local small business owner, as well as Puerto Rico’s economic development.”

The bank has several other similar programs and partnerships, including Traders d Community. Vanessa Mejia of the Women’s Business Institute said: “We are pleased that this partnership reinforces our commitment to the development and sustainability of business in Puerto Rico.”

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