Deadline: 15 February 2017
The Inter-American Development Bank (IDB), through the Multilateral Investment Fund (MIF) and the Caixa Banking Foundation, are seeking applications for its “Social Entrepreneurship Program” with an aim to generate new employment opportunities, increase economic income and / or provide basic services for the poorest people in Latin America and the Caribbean.
The Social Entrepreneurship Program (PES) offers innovative and sustainable solutions that contribute to the reduction of poverty, exclusion and unemployment. Their projects are focused narrowly and specifically targeting very poor populations.
Types of Projects
PES supports projects that finance business solutions to poverty through two broad areas or types of projects:
- Business and Rural Finance (including value chains, production, processing, and marketing).
- Financing for the provision of basic services (including support for private providers of alternative services in the areas of education, health, drinking water, electricity and / or renewable energy, among others).
Funding Information
- The repayable component (loan) can be up to $ 1 million, and is on average about $ 700,000. The repayment period of these loans is up to 10 years, with a maximum grace period equivalent to the project execution period (between 36 and 42 months). The interest rate on loans and the level of counterpart contributions will depend on the characteristics of the project and the intermediary institution.
- The technical assistance component provides non-reimbursable funds to strengthen the executing agency’s technical, operational or administrative capacity for training and for technical assistance. In most cases, the maximum amount of funds for technical assistance in a project is $ 250,000.
Eligibility Criteria
- The intermediary institution must be a private non-profit entity or a social enterprise (with or without profit), which may have as partners a public, municipal or departmental entity to implement the project.
- The intermediary institution must be legally constituted and registered in Peru. It must be governed by legal regulations that allow it to make commitments to the Bank; and have institutional conditions that ensure the sound management of resources.
- The intermediary institution must demonstrate its capacity to achieve an adequate income generation from the project activities that assure reimbursement of the financing to the Bank, if required, as well as the feasibility of continuing to provide services to clients / final beneficiaries Beyond the validity of the project.
- The institution must demonstrate financial solvency, backed by the financial statements of the last two years, to be able to assume and repay the loan; As well as the ability to manage PES resources adequately.
How to Apply
Applications must be submitted via email at the address given on the website.
Eligible Country: Peru
For more information, please visit IDB-Caixa.