Local businesses build strong communities. This project provides technical assistance and revolving credit to startup businesses owned by young adults (18-30) in Nagarote, Nicaragua. It allows them to develop their own business opportunities. Young entrepreneurs, both rural and urban, are trained in product development, bookkeeping and marketing. They receive all the skills needed to launch their new small business and to have success.
In Nicaragua, young people growing up in small towns face a difficult choice -- either they continue to live in their home community with few economic opportunities or they move to a city, perhaps in another country, where better paying jobs exist. Many Nicaraguan young people have great ideas, but no support in turning their dreams into reality. SosteNica is making that happen by supporting small business incubation with training and credit.
SosteNica works with both rural and urban candidates. During 2018, 40 young entrepreneurs will be trained to run a successful small business -- producing honey, making dried fruit, canning jams and jellies. The projects with the most potential will receive micro-credit start up funding. As the small businesses repay their loans, they replenish the portfolio to revolve for other small business entrepreneurs. Together, the team formalizes connections between and among the new small businesses.
Successful small businesses in Nagarote build a local economy. A successful entrepreneur keeps talent and financial resources in the community. Rather than migrate out, young entrepreneurs keep their families in tact while hiring other employees to stay within the local community. The salaries paid, and the goods and services bought and sold keep cycling throughout the local economy rather than being syphoned off to a multi-national corporation's bank account.