Insights from Colombia: Promoting opportunities for farmers
Thanks to the support from a microfinance institution, Mrs Nohelias family business has grown and her socio-economic situation has substantially improved.
When Mrs. Nohelia got married, she received 14 guinea pigs as a wedding gift, a popular source of meat of high demand in southern Colombia. These rodents are good business, as the costs in terms of space and food are low, and the reproduction cycle is short. Since becoming a client of Contactar, a Colombian microfinance institution that SEBs microfinance funds are invested in, Mrs Nohelias family business has grown. This is thanks to the financial literacy trainings and the low cost of the loans. She has broadened her business and has enough liquidity to cultivate vegetables and aromatic plants. Today, her loan amounts to USD 1'000, and has a duration of 12 months, without collateral. As a result, her socio-economic situation has substantially improved. She was able to buy land that she now rents to cattle producers, built a second floor in her home, and reinforced her home's foundations to mitigate the earthquake risks her family is exposed to.