Total loan: $50,000
Quito, Pichincha, Ecuador / Services
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A loan helped to support over 250 small businesses through a business incubator and co-working space in Quito.
This loan may have a higher risk but higher impact. Learn more here. In light of International Women’s Day week, support IMPAQTO, the all-female founded social enterprise that helps other female founded social enterprises succeed! The Co-Founders are pictured above; read more about IMPAQTO’s Co-Founder & CEO Michelle Arévalo’s mission to support other female entrepreneurs succeed here and some of IMPAQTO’s work with female entrepreneurs here. The Problem Ecuador’s economic development is limited to a narrow range of sectors and extractive industries. To find a new, sustainable economic model that no longer depends on extractive industries, Ecuador has one key ingredient required to do so: 1 out of every 3 adults in Ecuador is an entrepreneur. However, the mortality rate for most startup businesses is exceptionally high. With no access to capital, high rents, low social mobility and gender-based obstacles, the barriers for social entrepreneurs are even higher. The Solution IMPAQTO is a Certified B Corp (a social enterprise that is legally required to make social/environmental impact) that aims to resolve this problem by helping social entrepreneurs succeed: IMPAQTO removes the barriers to startup success through providing social entrepreneurs with a network of coworking spaces, a community of like-minded entrepreneurs, and a business incubator. After developing a track record with two co-working spaces, the all-female founding team is reviving a once emblematic and now vacant jazz club in La Floresta - the creative district of Quito. This new coworking space will act as a hub for social entrepreneurs to grow, learn, and flourish together. Known locally for its inspirational networking events, IMPAQTO has connected over 8,000 participants in workshops, talks, panels and open innovation events. Loan Use and Impact This loan will allow IMPAQTO to set up its new location and help more than 250 social entrepreneurs succeed per month. Since 2014, IMPAQTO has supported almost 2,000 entrepreneurs of which 180 have graduated from its impact incubator.