IDB Invest signed an advisory service agreement with Coopelga, Cooperativa de Ahorro y Crédito ELGA Limitada, to develop a comprehensive strategy to finance small and medium-sized enterprises (SMEs) led or owned by women in Honduras.

The project consists of identifying best practices to serve the women's market and developing a value proposition that responds to the specific needs of Honduran female entrepreneurs. Additionally, the project aims to strengthen the data system with effective metrics to better reach the women SME market.

“Honduran entrepreneurs are a driving force for the economy and this segment should be key to the financial system. Coopelga's leadership track record as one of the main cooperatives in the Honduran system, its commitment to segments with less access to credit, and its broad reach in the country, makes them the ideal partner for IDB Invest to improve access to financing for SMEs led by women in Honduras,” said Milagros Rivas, managing director of the Advisory Services Division.

"We are very excited to partner with IDB Invest on this project that will have such a significant impact for women entrepreneurs. This alliance will allow us to further strengthen our support for women-led SMEs, providing them with the necessary tools so that they can reach their full potential and contribute to the economic growth of our country," said Melbin Ponce, president of the Board of Directors.

IDB Invest is the administrator of different funds, including the Women Entrepreneurs Financing Initiative (We-Fi), which allows IDB Invest to assign advisory services to projects that promote access to credit and non-financial services for women SMEs.

In Latin America, many SMEs cannot access long-term financing, and for businesses led by women or other underrepresented groups, access is even lower. This project aligns with IDB Invest's commitment to increase access to financing for Honduran women entrepreneurs.

About IDB Invest

IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of U$21 billion in assets under management and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that respond to the needs of its clients in a variety of sectors.

About Cooperativa Elga

Cooperativa ELGA is the leading cooperative in Honduras, being the cooperative with the most assets in Honduras, offering savings and credit services adapted to the needs of its members, and focuses on promoting the digital environment to facilitate access to its services. In addition, ELGA Cooperative is characterized by having a majority female membership, supporting and promoting women to become successful micro-entrepreneurs, reflecting its commitment to community empowerment and growth.

About We-Fi

The Women Entrepreneurs Finance Initiative (We-Fi) aims to unlock financing for women-owned or -led businesses (Women SMEs) in developing countries. We-Fi partners include 14 donor governments, six multilateral development banks as implementing partners, and many other public and private sector stakeholders from around the world.