Encouraging entrepreneurial skills among young people

The Entrepreneurial Development Program (EDP) began in 2003 when FUNDES, together with the Inter-American Development Bank (IADB), came together to promote entrepreneurial skills among the young population as a way to generate future sources of economic and social development in El Salvador.

The Program took place in the municipality of Soyapango, which has a population of 241,000 inhabitants and high levels of poverty and social isolation, as well as a business community centered around 40 large businesses and 20 micro-businesses, the latter with earnings less than minimum wage standards.
 
The EDP benefits young people between the ages of 18 and 35 and seeks to promote the creation of new businesses with the potential for growth and sustainability. The program’s business services model is based on:

1) Fostering entrepreneurial skills: 74 trainers and 63 businessmen were trained to conduct and mentor the EDP; awareness workshops were created for more than 10,000 young men and women, of which, 906 participated in various training courses and more than 225 had different internships resulting from the EDP;

2) Providing support for the implementation by means of five business plan competitions, of which, 104 were selected to participate in internships, 39 were financed with matching funds, and 105 new businesses were formed.

Through the Entrepreneurship Development Program, 105 new businesses were established that generated 245 permanent and 162 temporary jobs, totaling 407 new jobs, of which, 37% are held by women. The estimated monthly sales level generated by these new businesses rose to $220,000.

In alliance with: Multilateral Investment Fund (MIF).