What is the name of your organization?
Society for the Support of Rural Entrepreneurs crecer S.A.S ZOMAC
What is the name of your solution?
Crecer: Financial Inclusion.
Provide a one-line summary or tagline for your solution.
Crecer: More than Credits, Your Path to the Future.
In what city, town, or region is your solution team headquartered?
Acevedo, Huila, Colombia
In what country is your solution team headquartered?
COL
What type of organization is your solution team?
For-profit, including B-Corp or similar models
Film your elevator pitch.
What specific problem are you solving?
In the Department of Huila, more than 429,000 people live in monetary poverty and 137,000 in extreme poverty (*), without sufficient income to cover the basic basket. Although there was a slight improvement in the indicators in 2023, the region remains above the national average. Women are the most affected, with a poverty incidence of 39.6%, compared to 35.1% for men.
This reality is aggravated by the limited financial inclusion, which restricts access to credit, financial education, and entrepreneurship opportunities, especially for women and youth. The lack of personalized financial services perpetuates inequality and limits regional economic development.
In light of this challenge, it is crucial to implement comprehensive solutions that combine personalized microcredit, financial training, and continuous support. These strategies not only drive local economic growth but also promote equity and the empowerment of vulnerable communities. Fostering financial inclusion in Huila is key to breaking the cycles of poverty and building a fairer and more sustainable future.
* https://www.lanacion.com.co/bajo-la-pobreza-en-huila-segun-el-dane/?utm_source.
What is your solution?
Our solution will focus on the development of an intuitive digital platform that will facilitate access to financing for vulnerable communities (*), especially women and youth. Designed to be accessible even for users with low digital literacy, the platform will allow for easy application and management of microcredits. It will include customized functionalities for real-time assistance.
We will integrate advanced technologies such as artificial intelligence (AI) to assess credit risks based on historical data, enabling us to offer personalized loans to individuals without credit history or traditional guarantees. Additionally, we will utilize blockchain to ensure the transparency and security of transactions, strengthening the trust between our users.
We will complement our offering with financial education programs through Fundacov, our educational ally. We will also establish strategic partnerships with local institutions to broaden our reach and strengthen our support network.
Through this comprehensive and innovative approach, we aim not only to improve access to financing but also to empower our communities towards sustainable and equitable economic development.
(*) https://datatopics.worldbank.org/g20fidata/
Who does your solution serve, and in what ways will the solution impact their lives?
In Huila, over 429,000 people live in monetary poverty and 137,000 in extreme poverty. Financial exclusion especially limits key groups that could drive the local economy if they had access to microcredits and support.
Rural agricultural producers represent 35% of the employed population in the department, but they face difficulties accessing formal credit to improve their crops or acquire machinery.
Women entrepreneurs, with a poverty rate of 39.6%, lead 45% of microenterprises, yet they encounter structural barriers to accessing capital.
Urban small traders, who make up more than 30% of informal employment, require financing to sustain inventories and infrastructure.
Young entrepreneurs (23% of the Huila population is aged between 18 and 28 years) have great potential for innovative projects but face high unemployment rates and limited financial support.
Community groups such as rural cooperatives or productive associations manage initiatives with collective impact, but their access to resources is limited.
Promoting financial inclusion for these groups through personalized microcredits, financial education, and human support is key to reducing poverty and fostering sustainable economic and social development in the department.