#Microentrepreneurs loan

[microfinance2]

Empowering Financial Inclusion with Respect, Simplicity, and Transparency | Fingel Management Services Pvt Ltd

Fingel aims to provide affordable and suitable financial services, including JLG, individual, and business loans, to individuals in underserved communities. The objective is to empower people economically, drive economic growth, and reduce poverty by ensuring broader participation in the formal financial system.

[nikitapatels-blog]

Company Registration in France

The economy of France is the second largest in the Eurozone and the fifth largest in the world. Despite adopting a more liberal corporate culture later than many of its EU competitors, France has actively pursued foreign direct investment, with notable success. As a result, registering a corporation in France is currently a very easy process, albeit local counsel is necessary to guarantee adherence to all applicable financial and legal requirements.

In France, registering a company follows no set procedure. The options include starting a new firm from scratch, buying an existing one, or operating a tiny representative office called a bureau de liaison. For clients from outside, a simplified joint stock company (SAS) or limited company (SARL) are the most common forms.

Benefits of Company Registration in France

France is known for its flexible market offering various benefits to the entrepreneurs operating businesses. Few of such benefits are as:

Strong Economy: With 65 million customers who spend a trillion euros annually, France is the second-biggest consumer market in the European Union. 83 million visitors annually demonstrate how well the tourism sector is doing. France is the world's top supplier of pharmaceuticals and the second-biggest exporter of food and beverages worldwide.

Low Interest Loan: France does offer low-interest loans to the public sector. Up to EUR 1.5 million in low-interest loans could be provided to businesses to support R&D initiatives.

Skilled Human Resource: The workforce in France is renowned for being highly educated and skilled. The nation places a high priority on education, and its system of universities, technical schools, and research institutes is well-defined.

Global Market: Located in the center of Europe is France. Access to the European Union's (EU) enormous market of more than 500 million people is made possible through France. Easy access to European and international markets is made possible by its vast rail network, sophisticated ports, and airports, as well as its significant transportation and logistics infrastructure. Establishing a firm in France gives companies access to a sizable consumer base and the advantages of the nation's advantageous location.

Advanced Infrastructure: France is one of the world's most developed countries and is renowned for its effective rail project, robust communication infrastructure, and many other things.

Types of Company Structures in France

France's legislature offers different types of company structures to be registered, among which, a few are as follows:

1 : Microentrepreneur: A microentrepreneur is a tiny business owner who operates alone and generates less than €72,600–€176,200 in revenue, depending on the type of enterprise. Microbusiness owners are eligible for tax breaks and must register.

2 : Single Business Person or Sole Proprietor: There are no minimum capital requirements for sole proprietorships. The business is entirely in the hands of the entrepreneur, who bears all managerial responsibility. Although there are no registration fees, income tax is still applicable to the business.

3 : Public Limited Company [SA]: With a minimum share capital of 37 000 €, the SA is made up of at least two shareholders (or seven if it is listed on the stock exchange) and is led by a Board of Directors made up of at least three members as well as a President and Chief Executive Officer, who may be the same individual. The public limited company should only be used for projects up to a specific size due to the burdensome nature of its operational regulations.

4 : Simplified Joint Stock Company [SAS]: There has been considerable success with this relatively new firm structure as there is no minimum share capital requirement. Additionally, SAS of a specific size or with capital linkages to other firms are exempt from the appointment of an auditor. The articles of organization may be freely organized by shareholders in accordance with the law. This flexibility can result in the creation of rules that would be challenging to implement in the future, thus it requires the well-informed counsel of a skilled professional.

5 : Simplified Single-Person Joint Stock Company [SASU]: This unique SAS category has just one partner unlike the regular SAS company. There are very few principles of operation that are different from SAS rules, especially when it comes to simplifying legal formalism. Similar to SAS, SASU is not often applied to a startup business.

6 : General Partnership [SNC]: Due to the drawback of not safeguarding the assets of its shareholders—who are actually perpetually, jointly, and severally liable for the business's debts on their personal property—this type of organization is rarely employed. It is formed by at least two merchant partners, with no minimum capital required. Unless the business chooses to pay corporation tax, the SNC's earnings are taxed at the level of its shareholders for income tax purposes.

6 : Professional Service Society: This type of business enables multiple people to practice the same liberal vocation together. After that, they will always be accountable for societal debts. There is no minimum amount of capital needed. Each partner is subject to income tax on the profits of CPC.

Documents required for Company registration in France

For registering your company in France, you will need following documents [list is not exhaustive]:

1: Shareholder’s details: Identification Documents, Financial statements, Affidavits declaring no criminal records, etc.

2: Manager’s details: Identification Documents, Appointment Letters, etc.

3: Article of Association [if applicable]

4: Memorandum of Association [if applicable]

5: Board Resolution for establishment of the company

6: Charter [for SARL]

7: Application forms availed from Trade Registrar

8: Copy of National Gazette announcing the company registration

9: Details regarding the company's paid-up capital

10: Company’s registered address, utility bills, lease agreement (if any)

[thxnews]

Empowering Farmers: Jollibee Group and BanKo

  Low-Interest Loans Fuel Agricultural Growth in the Philippines

Jollibee Group's social development arm, Jollibee Group Foundation (JGF), has joined forces with BanKo, the micro-finance arm of the Bank of the Philippine Islands (BPI), to launch a financing program that provides smallholder farmers under JGF's Farmer Entrepreneurship Program (FEP) access to a low-interest loan product.  

Empowering Farmers Through FEP

FEP is a comprehensive agro-entrepreneurship initiative that helps sharpen the technical skills and business acumen of farmers through training, mentorships, and technical and financial aid. FEP also links farmers to institutional markets, such as Jollibee, Greenwich, Chowking, and Mang Inasal, for increased and steady income.  

Bridging the Financing Gap

“Our partnership with BanKo addresses the crucial need of our farmers to have access to loan products that will enable them to sustain and grow further their farming businesses,” said Gisela Tiongson, JGF President. Despite stable buyers and partners, FEP farmer groups often face challenges in accessing formal financing institutions and loans with low-interest rates.  

BanKo's Commitment to Agricultural Financing

"Formal financial institutions often consider agriculture ventures as high-risk investments since they are vulnerable to natural calamities," explained Rod Mabiasen, BanKo Business Head of Financial Inclusion and Microfinance Solutions. "But we, at BanKo, are strongly committed to our mandate of providing accessible and affordable banking to more Filipinos. This partnership with JGF enables us to help overcome the barriers to agricultural financing."  

Low-Interest Loans Boosting Agricultural Production

The pilot phase of this program covers beneficiaries from onion farmer cooperatives, and the results are promising. Upon completion of the pilot phase, 100% of the farmer participants were able to repay their loans in full through their profits from the onion season. Alexander Gomez, one of the program's farmer partners, expressed the importance of capital for farmers to start planting. "We’re very happy that JGF and BanKo have this project, which is a big help for us," he said. Mary Ann Casita, manager of the Onion and Vegetable Producers Cooperative, believes that low-interest loans will help cover the recurring business costs in agricultural production. She sees this initiative as inspiring more farmers to expand or return to farming.   Pandemic Recovery As the Philippines further recovers from the pandemic, this program aims to provide farmers with the resources to improve their livelihoods and make them more sustainable. BanKo reaffirmed its commitment to inclusive banking, providing support to microentrepreneurs and farmers. "Our dedicated BanKoMares and BanKoPares will guide them in taking the first step to achieving their financial goals to help them secure a better future," said Mabiasen.   Sources: THX News & Jollibee Foods Corp. Read the full article

[indiabizlive]

Moneyboxx Finance, a firm that provides business loans to microentrepreneurs in small towns, stated on Monday that it had raised Rs 24 crore in equity capital from non-promoter investors through a private placement.

[mycsrindia]

Moneyboxx Finance expands agroforestry drive to MP as part of its beyond lending initiatives

Moneyboxx Finance extends agroforestry drive to MP Moneyboxx Finance Limited, a BSE-listed NBFC that offers small-ticket business loans to microentrepreneurs in Tier-III cities and lower, has expanded its agroforestry initiative today to help its dairy farmer and agri-entrepreneur borrowers plant fruit-bearing trees, which can significantly increase their income and combat climate change. As part of...

[vitalstrats]

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Ang katuparan ng mga pangarap mo ay maaring makatulong sa iba. Narito ang BPI Banko para tumulong sa pag-asenso ng iyong negosyo.

(VCS x BPI Direct BanKo)

#VCSReel

[allthebrazilianpolitics]

So, in Brazilian coronavirus, economy, and politics news, owners of micro and small business remain unassisted by any policies the government has created so far to mitigate the deleterious economic effects from the COVID-19 pandemic, whether those granting of a loan for working capital or payroll or the emergency aid of R$ 600 (~US$ 122) that will be given to informal or micro-entrepreneurs with lower revenues. This group may contain up to 14.2 million companies, and there are 16.8 million individual microentrepreneurs (MEIs) in the country, but the government says that 2.2 million of the latter will receive emergency aid. 89% of micro and small companies in the country have already seen a drop in sales since the beginning of the crisis. For 63%, the drop is over 50%. A total of 40% foresees temporarily closing the deal due to lack of demand. Among Brazilian micro-enterprises, 2.9 million are engaged in commerce and ”the largest groups are clothing and food retailers, both supermarkets, snack bars and restaurants”, and 2.7 millions are dedicated to services.

[felipeandletizia]

May 5, 2020: Queen Letizia held a videoconference with those responsible for the BBVA Microfinance Foundation to discuss the current situation in Latin America and the measures that the Foundation has taken to mitigate the impact of the pandemic on 2.2 million entrepreneurs that it serves.

On behalf of the BBVA Microfinance Foundation, the general director, Javier M. Flores; the Director of Talent and Culture, José Martín and the Director of Impact Measurement and Strategic Development, Stephanie G. Van Gool.

As the General Director of the FMBBVA, Javier M. Flores, has transferred to Doña Letizia, the Foundation has been adapting its measures to the evolution of COVID-19 in the five countries in the region in which it works. All of them aligned with their three current strategic priorities: the health of entrepreneurs and the 8,500 employees of their entities; support for entrepreneurs and business continuity, considered essential in all countries; and guarantee the sustainability of operations, to fulfill the social purpose, which is the development of vulnerable people who have productive activities.

The Director of Talent and Culture of the FMBBVA, José Martín, has told how the advances in digital transformation in recent years have allowed almost 100% of the central areas and an important part of the commercial network to be working remotely, keeping the necessary personnel in the offices to the minimum possible and reinforcing the digital attention channels.

For her part, the director of Impact Measurement and Strategic Development of the Foundation, Stephanie G. Van Gool, has informed Doña Letizia that the impact that the pandemic is having on the businesses of entrepreneurs is already being measured. that they are being treated in a personalized way through their advisers.

The social performance indicators developed by the Foundation, which was recognized last January by the OECD as the second philanthropic entity in the world for social impact, only behind the Bill & Melinda Gates Foundation, allow the strategy to be adapted to its needs.

Among the measures taken by entities, the main one is the freezing of loan installment payments for 90 days, which are brought to the end of the loan for restructuring according to the individual circumstances and conditions of each entrepreneur.

Work is also being done, together with the authorities and the financial superintendencies of the countries, on access to public aid to support microentrepreneurs. In addition, new loan lines are contemplated for those affected, practically seed capital, since many of them will have to start again. As the director general of the FMBBVA said in the videoconference, "microfinance institutions are now more than ever with entrepreneurs, supporting them to overcome the most difficult times."

With data as of April 28, the region already exceeds 180,000 infections with more than 9,900 deaths. According to the Economic Commission for Latin America and the Caribbean (ECLAC), the economic slowdown caused by this crisis can increase poverty in the region from 185 million people to 220 million, for a total population of 650 million.

This meeting with the BBVA Microfinance Foundation occurs within the framework of the meetings that SS.MM. the Kings have been carrying out since the beginning of the pandemic to find out the situation and the impact of the health crisis on different sectors of society, companies and institutions.

[alepietrocola]

The Dynamics of FinTech in Boosting Growth of Microbusinesses

For a long time, the micro, small and medium enterprises have been having a difficult time getting microloans from banks, especially if the small business is just started to operate and has no long credit history.

 However, in the last few years, the financial sector has made big advancements and brought about a revolution which is commonly named as FinTech. FinTechs have completely changed the way the lending institution functions. They have been successful in identifying the gaps and have developed channels that ensure effective finance for microentrepreneurs.

 1. Easy Lending Process

Every entrepreneur knows how difficult it is to get a personal loan for businessmen from a traditional bank. With technology coming into ourlife, the personal loan process is relatively easier and faster. The technology helps the lenders to get information required for verification and underwriting and instantly decides whether or not to approve the loan application.

 2. Cash Flow Based Lending

Most startups function with huge receivables. Thus, there is always a lean towards the availability of cash flow since the working capital tends to be always higher. FinTech has made the job easy for them by introducing e-invoicing, where the payment system is linked to the platform, which makes it possible for financial institutions to access your credit situation based on the receivables online. The lender then reviews the prevailing financial situation and starts seeking funds, thus ensuring that the business doesn’t suffer and survives for long.

 3. Easy to Accept Payments Globally

Before FinTech, small businesses had to take help from major credit companies to accept overseas payments. But now with FinTech, the process of accepting overseas payment has become cheap and easy.

 4. Ease of Doing Overseas Business

Earlier, small businesses had to pay a big amount of money as fees for transferring money overseas. They had no other option. Here FinTech has come to solve the problem. Its peer to peer lending allows financial transactions between people living in different countries across the globe at a very low cost.

 Final words

FinTech is helping small businesses by opening up vast opportunities for them. The technology is changing every small business activities for the better. Whether you are a sole proprietor or run a small or medium business, it would be clever to leverage the full potential of these technology advancements. FinTech is here to stay and this is just the beginning. So, buckle up!

[mystlnewsonline]

USDA Invest $1.4 Billion - Support Local Businesses

USDA Invests $1.4 Billion to Support Local Businesses, Create Good-Paying Jobs and Strengthen the Economy in Rural America Investments support the Biden-Harris Administration’s commitment to building back better in rural America WASHINGTON, DC (STL.News) United States Department of Agriculture (USDA) Secretary Tom Vilsack today announced the Department is investing $1.4 billion to help a diverse rural America keep resources and wealth right at home (PDF, 383 KB) through job training, business expansion and technical assistance.  The programs these investments are being made through are part of a suite of business and cooperative services that are projected to help create or save more than 50,000 jobs in rural America through investments made in the fiscal year 2021. “For some time, rural America has been at the mercy of an extraction economy, where resources are taken from rural lands only to create jobs and economic opportunity in urban and suburban areas,” Vilsack said.  “That’s why USDA is committed to doing what we can to change that extraction economy into a circular economy, where value is added closer to home, so the wealth created in rural areas stays in rural areas.  Today’s announcement underlines the Biden-Harris Administration’s commitment to helping transform the economy and bring high-paying jobs and economic opportunities to the people who need it most.” The funding announced today will help people and businesses in diverse communities and industries throughout 49 states, the Virgin Islands, and Puerto Rico.  It will help companies hire more workers and reach new customers.  It will open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing.  And it will help entrepreneurs, business cooperatives and farmers in nearly every state create jobs, grow businesses and find new and better markets for the items they produce. For example: - In Oklahoma, Rolland Ranch Beef will use a $250,000 Value-Added Producer Grant to increase processing, marketing, and delivery of locally raised beef to area consumers, schools, and the Chickasaw Nation. Rolland Ranch Beef is a trademarked product by the Intertribal Agriculture Council, certifying it as made and produced by Native Americans.  This certification adds value to the beef as more Tribes seek to buy Native foods grown by Native people. - In Iowa, Pella Cooperative Electric Association will use a $300,000 grant from the Rural Economic Development Loan and Grant program to replenish the association’s revolving loan fund, which will facilitate the construction of a women’s housing and health care facility. - In California, the Democracy at Work Institute will use a $200,000 Rural Cooperative Development Grant to provide technical assistance to worker-owned cooperative groups, ultimately creating 17 jobs and saving another 41 in rural areas.  The organization will assist dozens of cooperatives and rural businesses as well as work with Native American and Native Alaskan groups that are organizing cooperative projects in rural California, Alaska, and South Dakota. - In Maryland, military veteran- and family-owned Diparma Farms will use a $33,530 Value-Added Producer Grant to expand its free-range poultry operations.  The funds will help pay operating costs associated with processing and marketing packaged free-range chicken, duck, and turkey products.  The project will help the business expand its customer base through partnerships with local beef and cheese producers in Washington County and surrounding areas, leading to an anticipated increase in revenue. - In Pennsylvania, Castanea Farm LLC will use a $10,244 Value-Added Producer Grant to help the family-operated farm market and sell chestnuts.  The project is expected to increase its customer base by 25% and revenue by $2 per pound over a two-year period. - In Nebraska, Native360 Loan Fund Inc. will use an $8,701 Rural Microentrepreneur Assistance Program grant to provide business-based training and technical assistance to rural microentrepreneurs and microenterprises in 12 Nebraska counties.  Native360 Loan Fund’s mission is to provide affordable credit, capital, technical assistance, and related programs to help build strong and self-sufficient Native American business owners. Background: Vilsack highlighted 751 investments that USDA is making in eight programs specifically designed to create economic opportunities for people and businesses in rural areas.  These programs include Business and Industry (B&I) Loan Guarantees, which provided record-breaking investments in the fiscal year 2021, and the B&I CARES Act Program, which has helped create thousands of jobs with funding from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Programs also include Rural Innovation Stronger Economy (RISE) Grants, Rural Economic Development Loan and Grant Program, Rural Cooperative Development Grant Program, Rural Microentrepreneur Assistance Program, Intermediary Relending Program, and Value-Added Producer Grants. The awards Vilsack announced today are being made in Alaska, Alabama, Arkansas, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington, West Virginia, Wisconsin, Wyoming, Puerto Rico, and the Virgin Islands. Under the leadership of the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs, and improve the quality of life for millions of Americans in rural areas.  This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety, and health care; and high-speed internet access in rural, Tribal, and high-poverty areas.  For more information, visit www.rd.usda.gov. USDA Rural Development is prioritizing projects that will support key priorities under the Biden-Harris Administration to help rural America build back better and stronger.  Key priorities include combatting the COVID-19 pandemic; addressing the impacts of climate change; and advancing equity in rural America.  For more information, visit www.rd.usda.gov/priority-points. If you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page. USDA touches the lives of all Americans each day in so many positive ways. Under the leadership of the Biden-Harris Administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy, and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate-smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit www.usda.gov. Read the full article

[microfinance2]

Empowering Financial Inclusion with Respect, Simplicity, and Transparency | Fingel Management Services Pvt Ltd

Empowering Women Entrepreneurs: The Role of Microfinance

Microfinance, with its emphasis on financial inclusion and economic empowerment, has proven to be a powerful tool for driving positive social change. One of its most significant impacts has been in the realm of women's empowerment, where it has offered opportunities for women to break free from the shackles of poverty, achieve financial independence, and become successful entrepreneurs. In this article, we'll delve into the profound impact of microfinance in empowering women entrepreneurs and how Fingel, as responsible lending, is playing a pivotal role in this transformation.

Microfinance: A Catalyst for Women's Empowerment

Women, especially in underserved communities, often face barriers that hinder their economic participation. Microfinance institutions have recognized these challenges and stepped in to offer tailored financial solutions. Here's how microfinance is empowering women:

Financial Inclusion:

Microfinance provides access to financial services, allowing women to save, invest, and access credit. This inclusion breaks down economic barriers.

Entrepreneurship Opportunities:

Microloans from organizations like Fingel enable women to start and expand small businesses. This entrepreneurial activity not only creates income but also job opportunities.

Increased Decision-Making Power:

With their own sources of income, women gain a more significant say in family financial decisions, improving their status within the household.

Education and Healthcare:

Women who benefit from microfinance often invest in their children's education and family healthcare, ensuring a brighter future for their families.

Fingel's Commitment to Empowering Women

Fingel, with its unwavering commitment to social upliftment, recognizes the importance of empowering women. Here's how Fingel contributes to this cause:

Simplified Loan Products:

Fingel offers simplified microloans specifically designed to address the unique needs of women entrepreneurs.

Transparency and Accountability:

Fingel upholds its core values of Respect, Transparency and Simplicity in all dealings, ensuring that women borrowers have a clear understanding of loan.

At Fingel, respect is not just a word, it's a cornerstone of our identity. We celebrate the uniqueness of every individual, understanding that diversity is our strength, and fostering an environment where everyone feels heard, understood, and valued.

We believe in the power of transparency, we have inculcated this value system in all our processes wherein we communicate openly with our clients and stakeholders. This commitment to clear and unambiguous communication ensures that trust is not just earned but is the foundation of our relationships. We cut through the jargon, embrace efficiency, and adopt user-friendly approaches to ensure that our services are not just accessible but also easy to understand. All of this enhances the accountability factor.

Fingel's unwavering commitment to social upliftment and responsible lending stands as the driving force behind our transformative journey. This has given us confidence to earmark a vision to touch-base lives of over 4 lac individuals by year 2025; providing not just loans but opportunities for growth and empowerment.

[goloyieng]

MIYEN Matthew (@Miyen_mimdit) - Personally in the Horn I SUPPORT H.E Dr.

@WilliamsRuto, the Chief Hustler, for PRESIDENT in #Kenya come 2022, August. His political ideology and strategy on the BOTTOM–UP ECONOMIC MODEL are APPEALING to me as a regional Youth. IMPROVE 100% individual n House building hold Money bag-sufficiency.

For those who hold STRONG divergent opinions about Ruto and the Bottom–Up Model, we accommodate your views. We are simply fighting an ELITE SYNDROME that for one to be anything he/she must have had a KNOWN father, or political party or a social status. That mindset is SLAVERY.

William Ruto: The Bottom-Up Economic Model that we are advocating is premised on a candid and genuine conversation that puts women and young people at the centre of our country’s economy. The two groups have remained marginalised despite their huge potential in the transformation of Kenya. The low-interest rate regime that the Bottom-Up Economic Model propagates presents a new investment environment that delivers SMEs and entrepreneurs from the bondage of shylocks, helping them access affordable loans to fulfill their start-up, cash flow and investment needs.

We aim to reemodel our economy to give priority to small and medium-sized enterprises will facilitate growth at the grassroots where majority of Kenyans are struggling to get financing to expand their businesses.

On South Sudanese Update

Miyen - Most foreign states' interests center around CONTROL of oil investments oppts &the use of South Sudan to buffer the spread of Islamic fundamentalism. The US intends to use SSD to check the spread of Islamic fundms in the Upper Nile Valley+counter Chinese interests in the country.

Dear; Your Lordship the Mayor, Juba City Council,

There are NO LAWS within the legal jurisprudence of your office and that of State Government to fine SMEs, Mama Mbogas, Hawkers,& vendors for not op(ening)erating their bizs. Its ILLEGAL n IMPUNITY of the highest degree.

The #SouthSudan National Revenue Authority (NRA) should robustly encourage REGISTRATION of SMEs, Boda Boda guys, Small Scale Processing and Manufacturing company (s) both FOREIGN n local so as to tap into the GROWING TAX POOL that requires harnessing. Paying taxes is PATRIOTISM.

Decades and decades of South Sudanese whoring their time away in East Africa have produced citizens who think they know the East Africa region more than the Rutos and Musyokas of Kenya. Here is a young man who is talking South Sudanese politics, while at the same time spewing some truth who Kenyans should choose come August 2022. The time is ripe for the East African Federation to be realized already. Will Salva Kiir Mayardit become the next president of EAF, and followed by Ruto?

Below is an article from Harvard Business Review's August 2003 issue by Gardiner Morse on Bottom Up Economics; Bangladesh is way ahead on how best to empower vulnerable communities with microcredit loans.

Africa Update

H i s t o r y V i l l e (@HistoryVille) -

With a population of 793 million people, the United Nations has predicted that by 2100, Nigeria would be the third most populated country in the world, just behind China (1,020,665,216) and India (1,516,597,380).

Below are designs of Cape Coast International Airport by Kofi Anto, a final year Central University architecture student - Akorfa Ama Akoto.

Bottom-Up Economics

By Gardiner Morse

From the August 2003 Issue

Iqbal Quadir is best known as the founder of GrameenPhone, now Bangladesh’s largest phone company in terms of subscribers. During the 1990s, Quadir stitched together a global consortium that launched GrameenPhone in 1997 to provide mobile phone services throughout Bangladesh. His innovative scheme has allowed local entrepreneurs—mostly women—to buy cellular handsets with loans from microcredit pioneer Grameen Bank and then rent the phones, with airtime, to neighbors. Today, GrameenPhone has nearly 1 million direct subscribers, in addition to the 30,000 entrepreneurs whose handsets provide phone access to 50 million people. Quadir is now a lecturer in public policy at Harvard’s Kennedy School of Government in Cambridge, Massachusetts. In an interview and follow-up e-mails with HBR’s Gardiner Morse, Quadir argued that investing in local entrepreneurs, rather than funneling aid to their governments, may be the best hope for the world’s developing economies.

If GrameenPhone is so successful, why hasn’t it been widely replicated?

Good ideas aren’t replicated instantly; GrameenPhone took nearly five years to go from concept to launch. In most developing countries, it takes months to incorporate a new company and years to get a cellular license, not to mention the difficulties in assembling management and attracting capital. And in many countries, government bureaucracies resist entrepreneurial activities that may redistribute power. Vested interests protect private and public monopolies and quasi monopolies. There are systemic obstacles and huge barriers to entry.

Remember, also, that companies are not replicated outright anywhere. Specific features are. The question isn’t, Why hasn’t GrameenPhone been duplicated? It’s, Are there features of the GrameenPhone model that can be replicated in other environments? Its most important feature isn’t the phone system itself but the microloans that mobilize an army of individual entrepreneurs to profitably meet an unsatisfied need.

How else could the GrameenPhone model be applied?

Here’s one example. I’ve been talking with Dean Kamen, the inventor of the Segway scooter, about a new way to bring electricity to villages in developing countries. Dean is reengineering the Stirling engine, originally developed 200 years ago, to generate about one kilowatt of electricity, enough to light 60 small households. Now, instead of, say, Westinghouse building a single 200-megawatt power plant in Kampala, the capital of Uganda, imagine 200,000 microentrepreneurs, each purchasing a Stirling engine and selling one kilowatt in their respective communities in rural Uganda.

Explain the benefit.

Both approaches involve selling equipment from America for electricity in Uganda. But only the second empowers entrepreneurs from below, dispersing economic influence. Historically, such technological empowerment promoted the economic and political climate that gave rise to today’s developed economies. Water mills, eyeglasses, clocks, and other productivity-enhancing tools put power in the hands of entrepreneurs and merchants in medieval Europe, creating a countervailing economic force against coercive authorities. In response to entrepreneurs’ demands and growing economic clout, authorities made compromises, giving rise to important reforms such as property rights, enforcement of contracts, separation of the judiciary from the executive, and other checks and balances, creating the fertile ground for capitalism and democracy to take root. Similar economic and political changes need to take root in poor countries.

But isn’t lack of capital the real barrier to economic growth in developing countries?

The real problem is where the capital goes. Capital given to entrepreneurs creates jobs, economic growth, and, ultimately, improved governance. Capital given to predatory government bureaucracies only reinforces centralized authority and strengthens vested interests.

Foreign aid to governments in developing countries is based on conventional “wishdom”—it is more of a wish than a fact that poor countries consistently benefit from capital from rich countries. This aid is “wished” by rich countries to achieve geopolitical ends, to support the sale of their equipment and consulting services, and to alleviate poverty. The problem is, meeting the first two wishes by aiding governments can jeopardize the third. Supporting small entrepreneurs, however, promotes democracy and eventually helps satisfy all three wishes.

How should companies engage developing countries?

By promoting trade. Trade creates and sustains entrepreneurs who will pressure their governments to adopt pro-business policies. It creates jobs, drives innovation, and gives the people a political voice.

Consider the difference between giving $500 million in aid to the government of Kenya versus buying apparel from Kenya that allows 500 different entrepreneurs to make profits of $1 million each. While building identical foreign-exchange reserves, the latter creates many more jobs, produces bigger economic ripple effects, aligns the government’s interests with the country’s prosperity through taxation, and disperses power to a large number of businesses—all of which promotes democracy and growth.

Corporations can engage the citizens of poor countries in commerce. First, don’t just sell: Open factories in poor countries and create jobs. Develop and sell technologies that enable citizens to produce more; sell productivity tools, like cell phones and power generators, not soft drinks and cigarettes. Second, partner with small entrepreneurs, which is increasingly possible because they’re becoming connected through information technologies. Third, procure. Data processing and call centers can be moved to poor countries. Supplies and furniture can be bought there. Why couldn’t large corporations buy office furniture made in Africa? Why does office furniture need to be so uniform and boring in America?

What’s in it for companies? Isn’t their business ultimately about making profits?

All of these are profitable moves. Cost reduction and market expansion are always profitable. Locating production facilities in poor countries, partnering with local entrepreneurs, and procuring goods and services there reduce costs. Because buying from poor countries expands their purchasing capacity, rich countries’ corporations, in their own interests, should urge their governments to lift barriers for importing from poor countries. All these actions will expand markets. Focusing solely on selling to developing countries is self-defeating. Unless productivity and purchasing power in developing countries are raised, companies in rich countries cannot boost their sales or profits there.

Businesses cannot ignore the broader contexts. Profits should be seen as a means, not an end. I put together GrameenPhone with that in mind.

If capitalism is based on profit maximization, why shouldn’t profits be an end?

I don’t see capitalism in that limited way. GrameenPhone’s 2002 profits of $44 million allowed the company to expand its services. Profits attract investors and allow old investors to exit. So profits remain the means for assembling the project, expanding the services, and rewarding investors. Adam Smith and his followers argued that under certain conditions profit maximization automatically leads to the common social good. That is, profit maximization can be a means.

Even if profits are a means to build things, corporate managers are forced to see them as an end.

That’s because they are focused on the short term. Increasingly, they will come to see profits as a means. Remember, companies face an evolving set of standards that affects their conduct. How those standards change depends on the knowledge and organizational ability of citizens. For instance, after citizens groups—acting directly or through their governments—demanded higher environmental standards, companies could no longer ignore damage they may have been causing to the environment. Similarly, citizens groups are emerging with the help of new technologies, locally and globally, to demand better labor standards and more socially responsible behavior from companies. These types of demands on companies are bound to rise, requiring them to be more mindful of social needs and less focused on the single-minded pursuit of profits.

Companies will find, I think, that they generate more income when they proactively meet social needs than when they struggle to maximize profits each time they are forced to adapt to new, more exacting social and environmental standards. When they take action to address social needs, they are making profits a means to an end: the common social good.

Gardiner Morse is a former senior editor at Harvard Business Review.

Credit: DP Samoei Ruto on a campaign trail and Miyen Matthew.

[phgq]

BSP chief cites need to help MSMEs bounce from pandemic

#PHnews: BSP chief cites need to help MSMEs bounce from pandemic

MANILA – More assistance are being extended to micro, small, and medium enterprises (MSMEs) since the sector accounts for more than 95 percent of total firms in the country.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, in his speech during the launch of the Citi Microentrepreneurship Awards (CMA) 2020 Wednesday, said the share of the MSME sector to total employment is around 62.4 percent while its gross value added (GVA) is about 35.7 percent.

“More than ever, it is vital to sustain our microentrepreneurs, who provide essential products and services in the “last mile,” he said, citing the impact of the pandemic on the sector.

Diokno said most MSMEs are located in low-income areas and serve “as engines driving local economies.”

“Microentrepreneurs also nurture swathes of the Filipino population depending on them for post-pandemic recovery and rebuilding. Hence, the BSP is pulling out all the stops to support microentrepreneurs and SMEs,” he said.

Among the support that have been extended to small businesses include the increased lending by banks to the sector as these loans have been considered as compliance with reserve requirements, reduced credit risk weight on current MSME loans, and zero percent risk weights for loans covered by government guarantee programs.

In terms of the contribution of the private sector for MSMEs, Diokno said the two-decade CMA bodes well with the central bank’s bid to raise awareness on the opportunities and impact of the sector on inclusive development.

“Through CMA 2020, we highlight the creativity and internal fortitude of our microentrepreneurs to serve as a great inspiration,” he added.

During the same event, Citi Philippines Chief Executive Officer Aftab Ahmed said former CMA awardees have been given financial aid of up to PHP50,000, dubbed as the 2020 Covid-19 Rehabilitation Support Program, to cope up with the impact of the pandemic.

Another component of the SME rehabilitation program is underscoring the importance of small businesses in rebuilding the economy.

“It is essential for these businesses to learn to adapt as well as implement new strategies. This will be particularly important in the coming months as we start moving towards normalization,” Ahmed said. (PNA)

***

References:

* Philippine News Agency. "BSP chief cites need to help MSMEs bounce from pandemic." Philippine News Agency. https://www.pna.gov.ph/articles/1123663 (accessed December 03, 2020 at 05:46PM UTC+14).

* Philippine News Agency. "BSP chief cites need to help MSMEs bounce from pandemic." Archive Today. https://archive.ph/?run=1&url=https://www.pna.gov.ph/articles/1123663 (archived).

[mongleelifestory]

The Brief: Spotlight on stewardship, circular plastic investments, donor-advised COVID investing, social housing in the U.K., fintech in Nigeria

‘Stewardship’ under scrutiny as the shareholder season gets started. Even before the COVID crisis, this year’s annual general meeting season was shaping up as pivotal. The springtime ritual in which corporate directors meet shareholders face-to-face was to be the first since 181 CEOs signed a Business Roundtable pledge to elevate stakeholders – employees, customers, supplies and communities – along with shareholders. BlackRock warned corporations that the $7 trillion asset manager might vote against management at companies that failed to make progress on climate risk and sustainability. Both BlackRock, the world’s largest asset manager, and JPMorgan Chase, the world’s biggest bank, signed the Climate Action 100+ pledge to pressure the biggest emitters of greenhouse gases. The face-to-face part won’t happen, of course, but COVID-19 has only raised the stakes for corporations facing hundreds of shareholder resolutions on climate, social and governance action. Says As You Sow’s Andrew Behar, “This year can be an inflection point.”

The most engaged investors are now scrutinizing how companies have protected and treated employees through the crisis and whether they have reevaluated share buybacks after many companies were caught without adequate cash reserves. More than 60 resolutions call on companies to explain how their strategies align with the Paris climate accord. Another 40 resolutions, prepared well before the pandemic, seek fair pay and equitable working conditions. BlackRock and Goldman Sachs face shareholder proposals asking for plans to implement the stakeholder-centric pledge itself. BlackRock is under particular scrutiny from large institutional investors, for whom ‘stewardship’ has become an important way to mitigate negative externalities of corporate behavior. Longtime shareholder advocates will believe in the changes when they see them. The COVID crisis “is really a wild card,” says Proxy Impact’s Michael Passoff. “We may see some interesting responses from companies.”

Dealflow: Follow the Money

Circulate Capital invests in plastic recyclers in India and Indonesia. Singapore-based Circulate Capital spun off from Closed Loop Partners nearly two years ago to tackle plastic waste in Asia. Five countries are responsible for half of the plastic waste that ends up in oceans worldwide, and Circulate founder Rob Kaplan wanted to seize the “opportunity to build new value chains out of waste streams.” With a $15 million anchor investment from PepsiCo Foundation, the firm raised $106 million from Procter & Gamble, Dow, Danone, Unilever, Coca-Cola Company, Chevron Phillips and others. Its first investments commit $6 million to Mumbai-based Lucro Plastecycle, which repurposes hard-to-recycle plastic scraps into new products like vehicle upholstery and steering-wheel covers; and Jakarta-based Tridi Oasis, a female-led company that recycles common PET plastic into “flakes” for textiles or new packaging materials.

· COVID considerations. To back up its equity investments, Circulate is providing short-term lines of credit to help portfolio companies weather the coronavirus business disruption. “If the current health and economic crisis has taught us anything, it’s that we need to future proof our local supply chains and economies,” Kaplan said. “The resilience of critical infrastructure like waste and recycling goes hand-in-hand with protecting the health and livelihoods of our communities.” The U.S. International Development Finance Corporation and USAID provided partial guarantees.

ImpactAssets sets COVID Response Fund to channel donor-advised funds to unmet needs. The fund will leverage the nonprofit investment manager’s network of investors to move flexible capital to companies and individuals hardest hit by the pandemic. A key strategy will be channeling charitable dollars to community banks and community development financial institutions, or CDFIs. Through the COVID Response Fund, “our family office is supporting mission-driven companies rapidly delivering products and services related to the crisis, as well as stabilizing affected social enterprises and small businesses,” says Blue Haven Initiative’s Liesel Pritzker Simmons, an ImpactAssets board member.

· Impact step up. ImpactAssets says it has more than $1 billion in investment opportunities in its pipeline. “We have been thrilled to see impact investors leaning in at record levels to support critical needs in this moment of crisis,” said ImpactAssets’ Margret Trilli. Trilli says the nonprofit saw 3.5 times the normal volume in grants in the first quarter, and double the number of investments.

Cheyne Capital raises £150 million to build and preserve U.K. social housing. The London-based asset management firm will develop and acquire affordable housing properties, then lease the properties to non-profit housing associations and local government ‘councils.’ The open-ended Cheyne Impact Real Estate Trust is Cheyne Capital’s second affordable housing fund.

Okra raises $1 million to improve Nigeria’s fintech infrastructure. For all of Africa’s fintech buzz and controversy, there are still significant obstacles to widespread access to financial services. Lagosbased Okra raised pre-seed funding from early stage fintech venture fund TLcom Capital to integrate mainstream banks with digital payment apps.

FINCA Impact Finance secures $15 million loan facility from Calvert Impact Capital. The network of 20 microfinance institutions will use the revolving facility to lend to subsidiaries supporting microentrepreneurs and small businesses across the world. It will also use a portion of the funds for working capital and long-term investments, including network-wide digitization.

Agents of Impact: Follow the Talent

Community Investment Management hires Bernhard Eikenberg, ex- of Bamboo Capital, as a partner; Jeff Hilton, ex- of Opportunity Fund, as managing director of investments and finance; and Louis Mrachek, ex- of Aura Financial, as chief credit officer… New Forests is hiring a senior analyst of investments in San Francisco… Bamboo Capital reports that over the past year, its portfolio companies impacted an additional 32 million lives in developing markets, supported an additional 5,000 jobs (including 1,900 jobs for women) and displaced an additional 680,000 metric tons of CO2 emissions.

[oscarthompsonfinance]

The Brief: Spotlight on stewardship, circular plastic investments, donor-advised COVID investing, social housing in the U.K., fintech in Nigeria

‘Stewardship’ under scrutiny as the shareholder season gets started. Even before the COVID crisis, this year’s annual general meeting season was shaping up as pivotal. The springtime ritual in which corporate directors meet shareholders face-to-face was to be the first since 181 CEOs signed a Business Roundtable pledge to elevate stakeholders – employees, customers, supplies and communities – along with shareholders. BlackRock warned corporations that the $7 trillion asset manager might vote against management at companies that failed to make progress on climate risk and sustainability. Both BlackRock, the world’s largest asset manager, and JPMorgan Chase, the world’s biggest bank, signed the Climate Action 100+ pledge to pressure the biggest emitters of greenhouse gases. The face-to-face part won’t happen, of course, but COVID-19 has only raised the stakes for corporations facing hundreds of shareholder resolutions on climate, social and governance action. Says As You Sow’s Andrew Behar, “This year can be an inflection point.”

The most engaged investors are now scrutinizing how companies have protected and treated employees through the crisis and whether they have reevaluated share buybacks after many companies were caught without adequate cash reserves. More than 60 resolutions call on companies to explain how their strategies align with the Paris climate accord. Another 40 resolutions, prepared well before the pandemic, seek fair pay and equitable working conditions. BlackRock and Goldman Sachs face shareholder proposals asking for plans to implement the stakeholder-centric pledge itself. BlackRock is under particular scrutiny from large institutional investors, for whom ‘stewardship’ has become an important way to mitigate negative externalities of corporate behavior. Longtime shareholder advocates will believe in the changes when they see them. The COVID crisis “is really a wild card,” says Proxy Impact’s Michael Passoff. “We may see some interesting responses from companies.”

Dealflow: Follow the Money

Circulate Capital invests in plastic recyclers in India and Indonesia. Singapore-based Circulate Capital spun off from Closed Loop Partners nearly two years ago to tackle plastic waste in Asia. Five countries are responsible for half of the plastic waste that ends up in oceans worldwide, and Circulate founder Rob Kaplan wanted to seize the “opportunity to build new value chains out of waste streams.” With a $15 million anchor investment from PepsiCo Foundation, the firm raised $106 million from Procter & Gamble, Dow, Danone, Unilever, Coca-Cola Company, Chevron Phillips and others. Its first investments commit $6 million to Mumbai-based Lucro Plastecycle, which repurposes hard-to-recycle plastic scraps into new products like vehicle upholstery and steering-wheel covers; and Jakarta-based Tridi Oasis, a female-led company that recycles common PET plastic into “flakes” for textiles or new packaging materials.

· COVID considerations. To back up its equity investments, Circulate is providing short-term lines of credit to help portfolio companies weather the coronavirus business disruption. “If the current health and economic crisis has taught us anything, it’s that we need to future proof our local supply chains and economies,” Kaplan said. “The resilience of critical infrastructure like waste and recycling goes hand-in-hand with protecting the health and livelihoods of our communities.” The U.S. International Development Finance Corporation and USAID provided partial guarantees.

ImpactAssets sets COVID Response Fund to channel donor-advised funds to unmet needs. The fund will leverage the nonprofit investment manager’s network of investors to move flexible capital to companies and individuals hardest hit by the pandemic. A key strategy will be channeling charitable dollars to community banks and community development financial institutions, or CDFIs. Through the COVID Response Fund, “our family office is supporting mission-driven companies rapidly delivering products and services related to the crisis, as well as stabilizing affected social enterprises and small businesses,” says Blue Haven Initiative’s Liesel Pritzker Simmons, an ImpactAssets board member.

· Impact step up. ImpactAssets says it has more than $1 billion in investment opportunities in its pipeline. “We have been thrilled to see impact investors leaning in at record levels to support critical needs in this moment of crisis,” said ImpactAssets’ Margret Trilli. Trilli says the nonprofit saw 3.5 times the normal volume in grants in the first quarter, and double the number of investments.

Cheyne Capital raises £150 million to build and preserve U.K. social housing. The London-based asset management firm will develop and acquire affordable housing properties, then lease the properties to non-profit housing associations and local government ‘councils.’ The open-ended Cheyne Impact Real Estate Trust is Cheyne Capital’s second affordable housing fund.

Okra raises $1 million to improve Nigeria’s fintech infrastructure. For all of Africa’s fintech buzz and controversy, there are still significant obstacles to widespread access to financial services. Lagosbased Okra raised pre-seed funding from early stage fintech venture fund TLcom Capital to integrate mainstream banks with digital payment apps.

FINCA Impact Finance secures $15 million loan facility from Calvert Impact Capital. The network of 20 microfinance institutions will use the revolving facility to lend to subsidiaries supporting microentrepreneurs and small businesses across the world. It will also use a portion of the funds for working capital and long-term investments, including network-wide digitization.

Agents of Impact: Follow the Talent

Community Investment Management hires Bernhard Eikenberg, ex- of Bamboo Capital, as a partner; Jeff Hilton, ex- of Opportunity Fund, as managing director of investments and finance; and Louis Mrachek, ex- of Aura Financial, as chief credit officer… New Forests is hiring a senior analyst of investments in San Francisco… Bamboo Capital reports that over the past year, its portfolio companies impacted an additional 32 million lives in developing markets, supported an additional 5,000 jobs (including 1,900 jobs for women) and displaced an additional 680,000 metric tons of CO2 emissions.

[saltygardenerlove]

The Brief: Spotlight on stewardship, circular plastic investments, donor-advised COVID investing, social housing in the U.K., fintech in Nigeria

‘Stewardship’ under scrutiny as the shareholder season gets started. Even before the COVID crisis, this year’s annual general meeting season was shaping up as pivotal. The springtime ritual in which corporate directors meet shareholders face-to-face was to be the first since 181 CEOs signed a Business Roundtable pledge to elevate stakeholders – employees, customers, supplies and communities – along with shareholders. BlackRock warned corporations that the $7 trillion asset manager might vote against management at companies that failed to make progress on climate risk and sustainability. Both BlackRock, the world’s largest asset manager, and JPMorgan Chase, the world’s biggest bank, signed the Climate Action 100+ pledge to pressure the biggest emitters of greenhouse gases. The face-to-face part won’t happen, of course, but COVID-19 has only raised the stakes for corporations facing hundreds of shareholder resolutions on climate, social and governance action. Says As You Sow’s Andrew Behar, “This year can be an inflection point.”

The most engaged investors are now scrutinizing how companies have protected and treated employees through the crisis and whether they have reevaluated share buybacks after many companies were caught without adequate cash reserves. More than 60 resolutions call on companies to explain how their strategies align with the Paris climate accord. Another 40 resolutions, prepared well before the pandemic, seek fair pay and equitable working conditions. BlackRock and Goldman Sachs face shareholder proposals asking for plans to implement the stakeholder-centric pledge itself. BlackRock is under particular scrutiny from large institutional investors, for whom ‘stewardship’ has become an important way to mitigate negative externalities of corporate behavior. Longtime shareholder advocates will believe in the changes when they see them. The COVID crisis “is really a wild card,” says Proxy Impact’s Michael Passoff. “We may see some interesting responses from companies.”

Dealflow: Follow the Money

Circulate Capital invests in plastic recyclers in India and Indonesia. Singapore-based Circulate Capital spun off from Closed Loop Partners nearly two years ago to tackle plastic waste in Asia. Five countries are responsible for half of the plastic waste that ends up in oceans worldwide, and Circulate founder Rob Kaplan wanted to seize the “opportunity to build new value chains out of waste streams.” With a $15 million anchor investment from PepsiCo Foundation, the firm raised $106 million from Procter & Gamble, Dow, Danone, Unilever, Coca-Cola Company, Chevron Phillips and others. Its first investments commit $6 million to Mumbai-based Lucro Plastecycle, which repurposes hard-to-recycle plastic scraps into new products like vehicle upholstery and steering-wheel covers; and Jakarta-based Tridi Oasis, a female-led company that recycles common PET plastic into “flakes” for textiles or new packaging materials.

· COVID considerations. To back up its equity investments, Circulate is providing short-term lines of credit to help portfolio companies weather the coronavirus business disruption. “If the current health and economic crisis has taught us anything, it’s that we need to future proof our local supply chains and economies,” Kaplan said. “The resilience of critical infrastructure like waste and recycling goes hand-in-hand with protecting the health and livelihoods of our communities.” The U.S. International Development Finance Corporation and USAID provided partial guarantees.

ImpactAssets sets COVID Response Fund to channel donor-advised funds to unmet needs. The fund will leverage the nonprofit investment manager’s network of investors to move flexible capital to companies and individuals hardest hit by the pandemic. A key strategy will be channeling charitable dollars to community banks and community development financial institutions, or CDFIs. Through the COVID Response Fund, “our family office is supporting mission-driven companies rapidly delivering products and services related to the crisis, as well as stabilizing affected social enterprises and small businesses,” says Blue Haven Initiative’s Liesel Pritzker Simmons, an ImpactAssets board member.

· Impact step up. ImpactAssets says it has more than $1 billion in investment opportunities in its pipeline. “We have been thrilled to see impact investors leaning in at record levels to support critical needs in this moment of crisis,” said ImpactAssets’ Margret Trilli. Trilli says the nonprofit saw 3.5 times the normal volume in grants in the first quarter, and double the number of investments.

Cheyne Capital raises £150 million to build and preserve U.K. social housing. The London-based asset management firm will develop and acquire affordable housing properties, then lease the properties to non-profit housing associations and local government ‘councils.’ The open-ended Cheyne Impact Real Estate Trust is Cheyne Capital’s second affordable housing fund.

Okra raises $1 million to improve Nigeria’s fintech infrastructure. For all of Africa’s fintech buzz and controversy, there are still significant obstacles to widespread access to financial services. Lagosbased Okra raised pre-seed funding from early stage fintech venture fund TLcom Capital to integrate mainstream banks with digital payment apps.

FINCA Impact Finance secures $15 million loan facility from Calvert Impact Capital. The network of 20 microfinance institutions will use the revolving facility to lend to subsidiaries supporting microentrepreneurs and small businesses across the world. It will also use a portion of the funds for working capital and long-term investments, including network-wide digitization.

Agents of Impact: Follow the Talent

Community Investment Management hires Bernhard Eikenberg, ex- of Bamboo Capital, as a partner; Jeff Hilton, ex- of Opportunity Fund, as managing director of investments and finance; and Louis Mrachek, ex- of Aura Financial, as chief credit officer… New Forests is hiring a senior analyst of investments in San Francisco… Bamboo Capital reports that over the past year, its portfolio companies impacted an additional 32 million lives in developing markets, supported an additional 5,000 jobs (including 1,900 jobs for women) and displaced an additional 680,000 metric tons of CO2 emissions.