ManoAmigo - Micro Loan Program
Mano Amigo (Friendly Hand) provides interest-free loans to small, existing businesses. Loans are not common in Ecuador. Small businesses in our area have few resources to go to if they want to grow their businesses. Most loan programs charge 20-25% interest and they are very difficult to apply for. Since its inception, ManoAmigo has provided loans to 30 local businesses at a cost of $4,900. This money can be redistributed to other businesses as loans are paid. We modeled our program after a highly successful microcredit program in Salinas, Ecuador who graciously shared their documents and procedures with us.
Businesses apply to Mano Amigo by providing their financial information as well as personal references and photos of their stores/operations. So far, Mano Amigo has made loans to a traveling juice/fruit vendor, a small pig farmer, a bakery, a small grocery store that specializes in homemade peanut butter and coffee, a chicken farmer, a clothing store, an artisan who weaves baskets, a woman who makes sauces and jellies, and many more.
ManoAmigo also has connected with university marketing students to provide workshops for all business owners in the area. During the workshops, participants learned various tips and tricks for photographing their products, developing a social media presence, and logo design. Each participant received hats, mugs, and other items with their new improved logos.
