Categoría: News Página 7 de 12

Carlos Zavala is a vegetable grower for AGRIDAN, a business located in the city of Danlí in the south eastern Honduran department of El Paraíso.  AGRIDAN is an association of about 20 people who grow fresh produce such as bell peppers, tomatoes, cucumbers, sweet corn, and lettuce.  Through the De Mi Tierra program, the growers have access to financing for working capital and investments.

Hi Carlos.  Please tell us a little about your business.

I grow chillies, tomatoes, grains, and a range of vegetables.  It all started with a conversation between friends, and we all decided just to give it a go.  Of course, we have had our ups and downs but, by the grace of God, we are still working hard and continuing to improve our standards of living.

What does your partnership with Ficohsa entail?

I currently receive financing through Ficohsa’s De Mi Tierra or “Of My Land” program.  This has helped our growers a lot.  The funding enables us to buy the agricultural supplies that we need for production, at the time that we need them.  When we do not have enough capital to carry out necessary activities, such as fertilization or pest control, the De Mi Tierra program helps us to get around this problem.  Now I have sufficient resources at the right time to improve my production.

How has the De Mi Tierra program helped to grow your business?

There are many benefits of receiving financing through the De Mi Tierra program.  Firstly, we are able to grow crops all year round.  But we have increased productivity, yields, and quality by being able to buy the right supplies at the right time.

Before we joined the De Mi Tierra program, we had no access to financing.  It just wasn’t possible to work with other lenders because they demanded unreasonable guarantees.  So we had to struggle alone, restricted to our own capital, which was not enough to keep us productive.  In most cases, the only capital that producers have is the income from sales of the vegetable crop.  But that limits what you can do.

But with access to De Mi Tierra’s capital, we don’t face those problems, and we have achieved greater economic stability.  This has had a very positive impact not just on ourselves but for everyone involved, including our suppliers and all our families.  And by expanding yields we have created new jobs.

As well as financing, how else does the De Mi Tierra program help?

We have relied on Ficohsa’s technical support when we have needed it most.  The staff of Ficohsa’s De Mi Tierra program totally understand our whole production process, and so they are able to give the best advice.  They have also provided us with useful financial education that has further improved our economic stability.  We really appreciate the personal attention that we get.

Ficohsa – the leading Honduran financial services group – has joined forces with ​​Banco Cuscatlán of El Salvador and Banco Industrial of Guatemala to attract inward investment that it is hoped will create over 2 million jobs in Central America over the next few years.

Camilo Atala Faraj, President of Ficohsa, attended a signing ceremony in El Salvador at which the leading Central American banks committed to supporting the financing of major strategic projects in the region that would attract investment from North America.

“Through our market-leading products and services, as well as our renowned technical support, Ficohsa already enables many thousands of businesses in Central America to grow, create sustainable jobs, and generate wealth and tax returns – particularly in those parts of the region that need the most support.  But we know we can do more.  I am delighted that we are partnering with Banco Cuscatlán and Banco Industrial to finance major strategic projects that will attract investment from North America, create economic opportunities, and encourage more people to remain in the Northern Triangle to work.”

Camilo atala faraj

The three leading Central American banks are founding members of Think HUGE – a non-profit set up specifically to generate sustainable jobs in the Northern Triangle and stem illegal immigration to the United States.

Mr. Atala Faraj serves as a Vice President of Think HUGE, which brings together key stakeholders in the United States and Northern Triangle, as well as SMEs, civil society organizations, and the public sector, to create flagship regional infrastructure projects.  Banco Ficohsa currently supports over 21,000 SMEs in Central America, over 95% of which have an annual turnover of under $500k. 

Members of Think HUGE are also committed to expanding financial inclusion, enhancing equal access to opportunities, and reducing their environmental footprint.

Mr. Atala Faraj continued, “Ficohsa has a distinguished record of expanding financial inclusion through the widespread provision of savings accounts, low-interest long-term loans, insurance, and remittances.  And, as well recently reaffirming our commitment to gender equality by adopting the Women’s Empowerment Principles, we are prioritizing the growth of women-led businesses through preferential loans, insurance, and financial education.  I am confident that, with the support of our partners at Think HUGE, we can make even better progress.”

Media contact: Alejandra Zelaya, alejandra.zelaya@ficohsa.com, +504 9926-5524, www.ficohsa.com

Grupo Financiero Ficohsa is the leading Honduran financial services group, offering banking, insurance, pensions, brokerage and money exchange.  Ficohsa has 28 years of experience, US$7 billion in assets, US$700 million of capital resources, 5,500 staff, offices in the US, Honduras, Guatemala, Nicaragua and Panama, and 1.8 million clients – of whom over half are women.  Ficohsa is investing in innovative online solutions, including TENGO, to increase the share of remittances that are bankerized.  This will further expand financial inclusion and ensure that a greater proportion of remittances are invested in assets, savings and businesses in Central America, benefitting underserved populations and formalizing local economies.  Ficohsa is a member of the United Nations Global Compact, and adheres to the standards of the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB).

To bring its operations closer to the consumer and expand financial inclusion, Banco Ficohsa opened more than 8 new branches in 2022.

The newest branch – in the city of El Paraíso – joins a network of over 140 service points, including 78 branches. Easier access to Ficohsa’s services is helping to strengthen local economic development, supporting sustainable jobs, and giving clients access to more innovative financial products and services to grow their businesses.  The new branch at El Paraíso will support a range of industries in the Barrio El Jazmin region, including coffee, tobacco, livestock and agriculture.