2014 Citi-CMFA Caribbean Microfinance Awards

2014
Citi-CMFA Caribbean
Microfinance Awards
Recognizing Excellence in Microfinance
Citi Foundation and the Caribbean MicroFinance Alliance are pleased to present
the winners of the Third Annual Citi-CMFA Caribbean Microfinance Awards.
This year’s Awards recognize microentrepreneurs in Belize, Jamaica, and
Grenada who have successfully developed and grown their businesses. First
place winners in each category receive a cash prize of US$3,000 and second
place winners receive US$1,500.
AWARD FOR BEST YOUNG
MICROENTREPRENEUR
Eider Romero
Eliel Reynoso
Winner
second place winner
At just 16 years old, Eider Romero has
already created and grown his own
business, which now has six employees
and annual sales of US$45,000. ER’s Icy
Treats, established in 2009, sells fruit
popsicles, developed by Eider himself,
to a rapidly growing clientele in Belize.
Snowcones have long held their own
as popular fruity, sweet desserts, but
Eliel Reynoso has flipped the script
with his signature tangy sweet and
sour snowcones, which feature chamoy, a traditional Mexican mix of
spices, chili and apricot. With four
employees, Eliel’s business, Hawaiian
Ice Parlour, also offers flavors such as
tamarind, pineapple and lime.
At a very young age, he borrowed
US$3.00 from his mother and began
making and then selling homemade
popsicles. Later, with his parents’ help,
he accessed financing from La Inmaculada Credit Union, which enabled him
to concoct new flavors and purchase a
manual cart. Subsequently, he purchased a van, motorcycles and then more
carts so that ER’s Icy Treats could significantly extend its outreach.
Eider is finishing high school and will
further develop his business skills by
pursuing a degree in Business Management with a major in marketing. Eider
plans to make ER’s Icy Treats into a chain
known throughout Belize.
ER’s Icy Treats
Belize
This enterprising 25-year-old followed
in his father’s footsteps as a snowcone
vendor. With a loan from La Inmaculada Credit Union, he established his
own stall in front of the town’s hospital.
As his sales increased, Eliel acquired a
portable shed and then a tricycle cart.
He has added fruit salads to his product
line and has planted 1,000 lime trees to
produce his own supply.
Last year’s sales totaled US$31,000 and
Eliel now plans to invest in improved
branding and processing equipment. He
plans to establish a network of concession stands with pre-mixed raw materials.
Hawaiian Ice Parlour
Belize
AWARD FOR BEST TECHNOLOGY
MICROENTREPRENEUR
Eved Jose Corado
William Foster
winner
second place winner
Eved Corado’s Etech Services, opened
in San Jose village in 2009, serves the
information technology needs of the
community by providing Internet
services, graphic design, video editing,
repairing and unlocking of cellular phones. The company also sells computer
parts, accessories and related products.
Etech Services, with annual sales of
US$14,270 and assets of US$9,595, provides residents in this rural area with a
convenient location to access technology services.
After starting his career as an apprentice at a family photo studio in Kingston,
Jamaica, William Foster ventured out
and created Foster’s Photo Studio in
1999. He developed his business by
providing quality digital photography
for family, corporate and entertainment events.
Eved began his business with a loan
from La Inmaculada Credit Union, which
facilitated the purchase of four computers for the provision of Internet services
and computer repairs. Rapid growth in
his customer base allowed him to add
the other services and products. The
shop now has nine computers, three
professional printers and photocopiers,
and state-of-the-art equipment for graphic design and video editing.
Etech Services
Belize
Foster’s Photo Studio employs two people, has annual sales of US$27,000 and
has assets of US$45,454. With a loan
from Access Financial Services Ltd.,
William has realized his dream. He has
earned a positive reputation as a photographer, marketer and salesman, who
is known for punctuality, efficiency and
quality service. William is focused on
expanding his business; it is his goal to
employ more people and teach them
the art of photography.
Foster’s Photo Studio
JAMAICA
AWARD FOR BEST RURAL
MICROENTREPRENEUR
Samuel Andrew
Elsa Waysome
winner
second place winner
Samuel Andrew is the epitome of the
modern farmer, combining knowledge
of agriculture, current practices and a
love of the land to develop a sustainable business in Harford Village, St.
Andrews, Grenada. Hill Top Farms, established in 2009, employs six people,
has annual sales of US$35,000 and total
assets of US$22,000.
Elsa Waysome took the deliberate decision in 2007 to expand her business in
the rural township of Clarendon, Jamaica and to target a larger market for her
processed and dried herbs – cerasse,
sarsaparilla and meringa.
With some savings and a small loan
from his family, Samuel purchased two
and a half acres of land; and with the
help of his family, he cleared and ploughed it, cultivating a quarter acre. Since
then, he has expanded and now cultivates two acres of land, planting vegetables, ground provisions and fruits. With
financing from the Grenada Public Service Cooperative Credit Union, Samuel
purchased a pick-up truck to transport
produce to supermarkets and other
customers and fertilizer to his farm.
In the future, Samuel intends to add
livestock to his product line, promote
ecotourism by facilitating farm visits,
and implement an internship programme in order to give students hands-on
training in agriculture.
Hill Top Farms
Grenada
Elsa and her son used to sell herbs in
small amounts to a vendor who then
sold to a factory. But the earnings barely covered their costs. After Elsa established a direct relationship with the
factory and expanded production, her
business grew significantly. With a loan
from Access Financial Services Ltd., she
acquired a truck, which has greatly facilitated access to the various farms to
purchase the herbs and transport her
dried products to the factory.
T&T Herbs currently employs eight
people and has annual sales of over
US$31,000. The company now uses a natural method of drying and shredding
the herbs, but future plans include the
purchase of a shredder and dryer and
the lease of lands to plant herbs on a
large scale.
T&T Herbs
JAMAICA

Download Report