The Fund aims at strengthening up to 700 nano and micro businesses at the favelas and the outskirts of Rio de Janeiro, Brazil, as a way to mitigate the economic impacts caused by Covid-19. Each entrepreneur will receive seed money (between US$ 190 and US$ 665) to pay for supplies, equipment, and Internet access. All investments will be subsided by a one-year training and mentorship program created by Dara, Asplande and other Ashoka fellows and the Federal University of Rio de Janeiro.
The economic impacts of the Covid-19 andemic are already being felt and tend to worsen, according to studies published by the press. Those in more vulnerable conditions -the targets of this project- will be most affected. Seeking ways for people in social vulnerability to generate income is essential to ensure their independence both during the pandemic and after it is over.
This project will provide seed money for up to 500 nano and micro entrepreneurs who are facing economic challenges as a consequence of Covid-19. This money will enable them to buy supplies, equipment, and Internet access. At the same time, the entrepreneurs will go through a tailored-made training and mentorship process which will enable them to gain skills for growing the business and be sustainable in the long run.
The project will enable 700 nano and micro entrepreneurs from the favelas of Rio de Janeiro to grow their business, built resilience towards economic hardships and recover from the economic impacts of the Covid-19 pandemic.