Incofin Microfinance Fund recently approved a Technical Assistance (TA) project to support long-time investee ACME in diversifying its microcredit product offering, giving micro entrepreneurs in Haiti the opportunity to invest in solar energy, housing improvements and agricultural equipment, which could help boost business productivity and living standards.
Given that ageing infrastructure has made the energy supply in Haiti unpredictable, many Haitians must turn to local sources such as brewing and wood-burning to make up for electricity shortfalls. ACME’s new solar energy loan will help clients purchase low-cost solar technology such as inverters, solar panels and solar lamps that would give clients a more reliable supply of energy to power their homes and businesses.
The frequency and severity of earthquakes and other natural disasters poses an additional infrastructure challenge in Haiti, particularly in housing. With its new housing loan, ACME hopes to respond to the diverse housing needs of its clientele, offering financing for construction and finishing work, renovations, space development and smaller leasehold improvements.
While solar energy and housing represent new areas of investment for ACME, its new agricultural equipment loan will build upon ACME’s considerable experience in serving the agricultural sector, which accounts for more than 25% of Haiti’s economic output. This product will allow farmers to purchase agricultural equipment in order to make their production practices more efficient.
The project will be jointly financed by Incofin Microfinance Fund and ACME and is expected to launch in October 2018.