Launch of the Fourth Edition of the CABEI SOLIDARIOS Microenterprise Awards 2024

Santo Domingo, October 8 - The Central American Bank for Economic Integration (CABEI) and Solidarios, Council of American Development Foundations, launched the fourth edition of the CABEI SOLIDARIOS Microenterprise Awards 2024. This initiative seeks to recognize and train microenterprise entrepreneurs and businesspeople who contribute to regional economic development.

Representatives of the different microfinance institutions in the country and other countries in the region will be able to nominate their clients to participate. Categories eligible for nomination include: Family Microenterprise Award; Innovative Production, Commerce or Service Award; Agricultural Development Award; Educational Microenterprise Award; Tourism Commerce and/or Artisanal Production Award; Young Entrepreneur; Environmental Impact; Regional Microenterprise of the Year; Financial Inclusion Institutional Management Award.

The program aims to promote innovation and strengthen the resource management capabilities of MSMEs. Therefore, this year, the Awards introduce a new key component: pre-nomination training. Microfinance institutions must encourage their clients to take this virtual training. Once they have obtained a certificate of participation, they are ready to be nominated, ensuring that nominees have the skills and knowledge necessary to maximize the impact of their businesses. This completely free training is designed to strengthen the capabilities of microentrepreneurs and their teams, preparing them to face the challenges of the modern business environment.

Hostos Rizik, executive director for the Dominican Republic at CABEI, highlighted ¨With this support, we seek to continue promoting economic and social impact, generating job creation, access to education, protection of the local ecosystem and promotion of culture, all while contributing to the economic well-being of these communities. ¨

Mrs. Mercedes Canalda, representative of Solidarios, said ¨This 2024 version awards the entrepreneurs of the MSME sector in its different categories as an effective strategy to highlight the effort, innovation, and impact, recognizing the excellence of the segment for local and community development and the potential for growth with significant contributions to the economy, as well as their original innovations that allow them to overcome the business challenges of this sector¨.

Microfinance institutions can submit their nominations at Solidarios offices until October 11. The nominations will be evaluated by a jury committee and the winners will be announced in December.

In almost two decades, the program has received more than 3,000 nominees and recognized 306 entrepreneurs; since 2021, 12 Latin American entrepreneurs have been recognized through a regional call for nominations.

With this fourth edition, CABEI and Solidarios reaffirm their commitment to sustainable development and financial inclusion in the region, offering entrepreneurs the opportunity to elevate their projects and contribute to the well-being of their communities.

The Impact of Microenterprises in the Dominican Economy

In the Dominican Republic there are an estimated 1.5 million MSMEs that represent 98% of the total number of companies in the country and generate more than 2 million jobs, which is equivalent to 54.4% of the employed population in the labor market, contributing a significant 38.6% of the Gross Domestic Product (GDP). This scenario underscores the importance of supporting and strengthening the microenterprise sector, which is vital to the national economy.