By taking a holistic approach to partnering with local financial and non-financial service providers, the Ignite Program opens up much-needed access to finance, technology, and networks and builds entrepreneurship capacity and skills. The program runs in Pakistan, Peru and Vietnam where large segments of unserved micro and small enterprises are ready for investment.
Small businesses are the backbone of most economies, yet they remain unserved. Find out how CARE’s Ignite Program, supported by the Mastercard Center for Inclusive Growth, is supporting entrepreneurs to expand their businesses and build resilience.
Funded by a grant of 5.26m USD from the Mastercard Impact Fund, Ignite will reach 3.9 million entrepreneurs, directly supporting 131,000 entrepreneurs, with a strong emphasis on women. Focused on micro and small businesses with employees who have been in business for at least two years, this program will unleash their potential as agents for inclusive and sustainable economic growth. It will also build their resilience in the face of COVID-19 and increase financial security for entrepreneurs, their families, and employees.
Micro and small enterprises are the economic backbone of most economies worldwide, increasing employment and reinvesting in local communities. However, they are often described as the ‘missing middle’ as they remain unserved or underserved by financial and non-financial service providers. The total Micro, Small & Medium Enterprise finance gap in developing countries is 5 trillion USD.1
The Ignite Program aims to change that by working with local partners to adapt products and services to innovatively meet this vital group’s needs. The program focuses on serving women as, despite being disproportionately disadvantaged, they are: drivers of economic growth, good credit customers, fast adopters of ecommerce, and reinvest in local communities. Enabling women to gain better access to finance could unlock 330 billion USD in annual global revenue.2
Over three years, the Ignite project will reach almost 2 million entrepreneurs in Pakistan, accelerating the growth of 45,000 enterprises. Read More
Over three years, the Ignite project will reach almost 1 million entrepreneurs in Peru, accelerating the growth of 35,898 enterprises. Read More
Over three years, the Ignite project will reach almost 1 million entrepreneurs in Vietnam, accelerating the growth of 50,000 enterprises. Read More
At age 21, Nguyen Thi Hien took over her family business. Since then, she's been taking the business world by storm.
Saadia Shahid started her clothing business as a stitching center, and has gradually moved the business online.
Maria Elena Menacho García has two jewelry stores and wants to expand online.
Tran Quynh Anh imports foods and believes that passion and hard work will break down all barriers.
Adnan Ali has a strong head for business and is keen to diversify his plastics business.
María Julia Ancajima Prado has come a long way since starting domestic work at the age of only 13.
Mastercard and CARE announced their partnership for the Ignite Program during the Global Inclusive Growth Summit. The $5.26M partnership will reach 3.9 million entrepreneurs and open up much-needed access to finance, technology, and networks and build entrepreneurship capacity and skills.
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