Two microfinance institutions from the Dominican Republic and Bolivia, respectively, and a renewable energy company in Nicaragua are this year's winners of the annual awards presented by the Inter-American Development Bank to organizations offering outstanding services to microenterprise in Latin America and the Caribbean.
Tecnosolución S.A. of Nicaragua will receive this year’s award for excellence in enterprise development services, whose 2010 edition recognized organizations that provided innovative solutions for microentrepreneurs and small businesses in rural areas. For over a decade, this Managua-based company is bringing electricity to remote areas in Nicaragua through solar power systems.
Banco de Ahorro y Crédito ADOPEM S.A. of the Dominican Republic of the Dominican Republic is the winner of the award for best microfinance institution for its offering of innovative products to underserved populations. Banco FIE S.A. of Bolivia is the winner of the award for best practices in social performance, given its business outreach; human resources policy and client services and community contribution. of the Dominican Republic of the Dominican Republic is the winner of the award for best microfinance institution for its offering of innovative products to underserved populations.
Both microfinance awards took into consideration information from hundreds of organizations in the field of microfinance in Latin America and the Caribbean. The winners of the Microfinance Awards will also receive special awards from the Citi Foundation, one of the sponsors of the event. The Foundation will provide each of the winning institutions with certificates for specialized leadership trainings offered by Women’s World Banking and the SEEP Network in the United States worth up to US$17,500 to further improve their operations.
The awards will be formally presented on October 6, at the inauguration of the XIII Inter-American Microenterprise Forum (Foromic) in Uruguay, with the participation of IDB President Luis Alberto Moreno and key officials from Uruguay’s government.
The conference, which takes place this year from October 6 to 8, is organized annually by the IDB’s Multilateral Investment Fund, which promotes private sector development in Latin America and the Caribbean, with emphasis on small businesses and microenterprise.
At the ceremony, the IDB will also present awards to three Uruguayan microenterprises that have provided innovative goods and services that have contributed to local economic development. The award winners are: MCT Ingenieria S.R.L.; Tierra del Sol and Kizanaro Sport Technology.
Foromic is the principal annual conference on microenterprise in Latin America and the Caribbean, home to some 70 million microenterprises, which generate about half of the employment in the region. Some 1,300 participants will attend the event in Montevideo.
The winners
Banco de Ahorro y Crédito ADOPEM S. A. won the award for best microfinance institution. Established in 1982 as a nonprofit organization, ADOPEM has focused on providing financial services in small and poor populations. The institution has focused its efforts in offering financial services to underserved populations, particularly low-income women, and it is currently working with several clients that have been affected by the Jan. 12 earthquake in Haiti.? During the 2001 Foromic conference, held in Santo Domingo, the Dominican Republic, ADOPEM – which was not yet a Bank - was honored with the award for the best non-governmental organization. In 2009, Banco ADOPEM won the microfinance award for best outreach..
Banco Fie S.A. won the award for best practices in social performance. Since 1985, this institution has focused in providing microcredit to populations with no access to the financial system in Bolivia, first as a non-governmental organization, later on as a private financial fund and now as a bank. Banco Fie serves an important share of urban microentrepreneurs and also has been progressively penetrating unserved rural areas due to a branch expansion strategy. The institution human resource policy is also remarkable and sets a standard to follow across the region. Besides its core business, Banco Fie has supported several community development programs ranging from recycling to improving access to school and the justice system, part of its corporate social responsibility strategy.
Tecnosolución S.A. (Tecnosol) won the award for excellence in enterprise development services. Established in 1998, this Managua-based company is bringing electricity to remote areas in Nicaragua and, more recently, in El Salvador by providing solar power systems that provide electricity for houses, health care centers and small businesses. It has installed so far more than 40,000 solar power systems, which are benefitting about 240,000 people in Nicaragua. The company is currently seeking to expand its business to Guatemala, Honduras and Panama.
Local entrepreneurship award
The following Uruguayan companies will receive an award for their contribution to local economic development:
First prize: MCT Ingeniería S.R.L. For the past 12 years, this Montevideo-based company is helping businesses develop energy efficiency projects, that not only help reduce costs but also promote the use of renewable energy sources. The company has developed an innovative business model in which it provides the advisory and helps customers get access to financing, which is usually paid off with the cost savings stemming from their own project.
Second prize: TIERRA DEL SOL. Established three years ago, this company in the department of Canelones produces and sells gourmet vegetables for restaurants, hotels and catering companies using special packaging to ensure its products stay fresh for a long period of time. It is also the first company in Uruguay to grow capers for domestic consumption.
Third prize: Kizanaro Sport Technology. Since 2007, this software company has provided analytic tools for soccer clubs, coaches, players and managers to assess the performance of the team and the players. The tool allows teams to devise the best strategy for a game and gives players the opportunity to maximize their technical and physical performance during a soccer match.