FONAES to Earmark 500 Million Pesos for Women Micro Entrepreneurs

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The Secretary of Economy, Bruno Ferrari, announced that the National Support Fund for Social Enterprises (Fonaes) will earmark 500 million pesos to finance the creation of micro and small social enterprises made up of women entrepreneurs.

In the context of International Women's Day, the official said that those businesses headed by women generate on average four sources of employment which so far this six-year term amount to 60,000 job positions.

In the last five years, Fonaes has helped more than 26,300 micro, small and medium-sized social enterprises all over the country, of which 14,400 are largely made up of women, a figure which represents practically 55% of all financing.

For that reason, investment aimed at strengthening micro, small and medium-sized social enterprises integrated by women entrepreneurs, exceeds 2,819 million pesos, while the training strategy has been boosted to make women's businesses more competitive.

Currently, 85% of all Fonaes-supported micro and small businesses are still operating, but for businesses run by women the average rises to 92%.