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The U.S. government, through the U.S. Agency for International Development (USAID), cbc and TechnoServe today launched the “Support for Convenience Stores Project” to drive inclusive economic growth in the retail sector in El Salvador. Through digital channels, the project will provide financial and business training to 44,000 local merchants that are part of cbc’s client network, thus supporting the improvement of their business models.
This project is also part of the Central America Forward initiative, promoted by the U.S. government and partner organizations to mobilize private sector investment in the Central American region. The project will improve access to financing for 10,500 businesses with credit products tailored to this segment, boosting their sustainability and expansion.
It also expects to positively impact 15,000 residents in the urban areas of Santa Ana, San Miguel and San Salvador with the introduction of new products and services tailored to their needs. “We are inspired by strengthening the social fabric, encouraging small neighborhood stores to grow and prosper. Through technology, knowledge sharing and support for inclusive and equitable growth, we seek to provide each entrepreneur with access to resources and opportunities that transform their future and that of their community, generating well-being. Thanks to the alliance with TechnoServe and USAID, we are joining forces to help the program achieve its objectives and achieve real and sustainable change”, said Ziad Nahas, CEO of cbc.
In El Salvador, more than 70,000 stores are the main channel through which 1.7 million people access food, household goods and other basic goods and services on a daily basis, making them an essential pillar of the local economy and development. “Stores are critical to both the local economy and community cohesion. These small businesses also create a gathering space for neighbors, strengthening ties and fostering a sense of belonging”, said U.S. Ambassador William Duncan.
In addition, more than 1,800 stores will participate in an acceleration program and will receive technical support to enhance their growth, deepening their knowledge and promoting the application of good business practices in the areas of sales, marketing, inventory management, digitalization, finance, among others. Also, to strengthen women’s economic access and agency, the program will offer a specialized course in leadership and female empowerment. “We believe that all people should have the opportunity to prosper, improve their quality of life and bring well-being to their communities. With this initiative, we reaffirm our commitment to economic development and improving opportunities for Salvadoran families”, said Oscar Artiga, Director of TechnoServe El Salvador.
The project will develop and share the knowledge generated by the different interventions with El Salvador’s entrepreneurship and innovation ecosystem to raise awareness of the positive economic and social impacts of investing in the cologne store segment.
