The Development Loan is a product offered by Fondo Esperanza on an individual basis to disadvantaged entrepreneurs who already have a small business underway. In addition to providing them with financing to enable them to grow their productive activities successfully, the Development Loan gives entrepreneurs access to training, support networks, personalized advice, and protection for their investment. This product includes the support of a Development Loan Adviser (ACD) and is available to entrepreneurs who are already customers, and to anyone joining the bank for the first time.<\/p>\n
Mario Pav\u00f3n, general manager of Fondo Esperanza, said that it is \u201cmore than a loan, because the entrepreneurs can supplement it with personalized advice, training and protection for their investment. We are sure it will make a significant contribution to helping them to achieve their dreams and succeed in all their endeavors\u201d.<\/p>\n
\u201cFrom the business you have to the business you want<\/em>\u201d is the slogan that defines this product, which includes a rollover loan with amounts that initially go from $1,000,000 to $2,500,000, repayable in between 12 and 18 months in two-weekly or monthly installments. In a second stage there is an option of a loan of $1,000,000 to $5,000,000, with repayments over 18 to 36 months.<\/p>\n This funding covers an Investment Loan for fixed assets or infrastructure, and complementary loans for the purchase of merchandise, supplies and other working capital needs, with repayment between one and eight months.<\/p>\n It also includes training programs and encounters between microentrepreneurs to reinforce the support networks, along with the provision of optional microinsurance such as \u201cMi Familia Protegida\u201d (My family protected), and debtor’s insurance.<\/p>\n The Development Loan is available in thirty Fondo Esperanza branch offices in six regions in Chile. Applicants must be over 18, have one year’s experience in their business (formal or informal), and have a guarantor and an assessment of commercial conditions.<\/p>\n Carolina Barrera is a 37-year-old entrepreneur who has had to overcome a series of obstacles to succeed. It has not been easy for her to make all her dreams come true. She began by selling American clothes in a market and now, years later, after much hard work and dedication, she is the owner of her own grocery store in Curic\u00f3.<\/p>\n In 2010, Carolina heard about Fondo Esperanza from a friend. She joined forces with a group of acquaintances and together they formed the \u201cEsperanza del bicentenario\u201d Community Bank. Motivated by her will to succeed, in 2014 she requested an individual Development Loan.<\/p>\n Thanks to this product she obtained financing to purchase a vehicle and machinery to expand her business. \u201cI always wanted more funding, as until they gave me this option I didn’t have enough to run my business. I never thought I would achieve anything, until I worked hard and I succeeded\u201d. Carolina is only one of the more than 100,000 entrepreneurs that have placed their trust in Fondo Esperanza to develop their small businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"An example of entrepreneurship<\/h3>\n