The Clinton Bush Haiti Fund continues to nurture economic opportunities for Haiti, today announcing a grant to a unique Haitian microfinance institution. The $850,000 grant to Fonds Haïtien d'Aide à la Femme (FHAF) will help put this institution on a path to financial recovery, and allow it to continue to provide loans to women throughout Haiti.
Haiti needs business capital to rebuild, and FHAF has demonstrated a deep commitment to providing microfinance for small and growing businesses. For twenty-nine years, this women-created and women-led institution has provided loans to thousands of female micro-entrepreneurs in both underserved rural and urban areas of Haiti. The earthquake shook FHAF both physically and financially. Its headquarters in Port-au-Prince collapsed, and it lost substantial equipment. As FHAF works to rebuild, the Clinton Bush Haiti Fund will provide resources for FHAF to restructure its business so it can be a strong, successful lender again.
The Fund's grant supports a variety of measures to reenergize FHAF. It will help hire and train Haitians for key director positions, as well as update the lender's technology system. It will also provide the capital for FHAF to continue providing loans to its best clients. Concentrating on these important adjustments will help furnish FHAF with the resources, knowledge, and capacity to thrive again.
"By reaching out to women through small business loans, we are also reaching out to her suppliers and customers in the community," explains Henrietta Holsman Fore, Clinton Bush Haiti Fund board member and former USAID Administrator. "Research shows that these microloans mean more than just invigorated businesses and empowered women, they also mean invigorated communities with education for children and health care for families. FHAF places a high value on pulling women into the Haitian economy, and it deserves the opportunity to succeed."
The grant incorporates valuable mentoring and strategic expertise from Nodus Consultores, an international consulting firm that specializes in strengthening financial systems for small and growing businesses in developing countries. Nodus and FHAF have worked closely to reimagine FHAF's potential, and the Clinton Bush Haiti Fund's grant will bring this vision to life.