“Microenterprises are a fundamental pillar of favela communities, providing jobs that serve as an essential source of income for millions of people,” says Luz Gomez, Regional Vice President of the Mastercard Center for Inclusive Growth
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“By providing entrepreneurs with the right digital tools, we want to enhance their ability to drive inclusive growth where it’s needed most,” he adds.
How the program works
The program will be implemented by Aliança Empreendedora, Central Única das Favelas (CUFA) and Flourish FI. According to research by Data Favela and Locomotiva, 41% of the 17,1 million people who live in favelas own a business. Their main challenges include access to capital and a lack of skills and tools for financial management, pricing strategies and digital marketing.
During the pandemic, many of these small businesses closed or had their revenue drastically reduced, as only 23% of them were able to move online.
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“Most people already know that Brazilians are entrepreneurs by nature. We will use our experience in these territories to prepare favela entrepreneurs in training and digital inclusion”, says Celso Athayde, founder of CUFA.
Source: Estadão Content
