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Handling your own business independently is always a challenge. Besides being prepared for a tough start and being optimistic that the business will take off in due time, the problem is the seed capital that provides the momentum. Fogamu is one of the backrests in the market that is designed specifically for women. Know what it is about.

The Women’s Protection Fund (Fogamu) will come into effect in November 2022 and its objectives are Promote economic empowerment of the female sector, Facilitate access to credit and provide financing for projects of women entrepreneurs who want to start businesses, women-owned or -led companies, and micro, small and medium-sized enterprises where at least one out of every three employees is a woman.

Fogamu has signed an agreement with the International Cooperation and Development Foundation (Taiwan ICDF) for a US$5 million donation to support its charter. Warranty coverage can reach up to 90%. The maximum secured loan amount can be The maximum amount can reach 1.6 billion G, and the guarantee period can be up to 10 years.

Destinations where Fogamu Points can be used for financing are: Acquisition of capital goods, expansion of technological infrastructure, etc.

A report obtained by Hoy Digital through the Agency for Financial Development (AFD) shows that As of April 30, small and micro businesses have benefited the most from Fogamu’s support.

Since its establishment, Fogamu has guaranteed loans for 184 micro and small enterprises, 170 small enterprises and 60 medium-sized enterprises.

From a geographical perspective, statistics show that the Central, Capital and Alto Paraná states lead with 111, 107 and 90 Fogamu endorsements, respectively.

Slightly behind are Caaguazú (22 cases), Itapúa (19 cases), Concepción (16 cases), Embucu (8 cases), President Hayes (7 cases), Paraguarí, San Pedro and Canindeyu (6 cases), Guaira (5 cases), Cordillera (4 cases), Casapa (3 cases), Alto Paraguay (4 cases) 2, Amanbai and Boquerón each with 1 case, totaling 414 cases, with an original guarantee amount of 42.663 million Guaranis.

Mirta Solís, an industrial engineer but also a microenterprise worker, is one of the beneficiaries of Fogamu. He used this tool to expand and improve his business premises.

“I work in shoe stores, I sell to wholesalers and retailers, we have stores in Luque and J. Augusto Zaldívar” commented Solis, who obtained a loan through the Credit for Agricultural Rehabilitation (CAH) and secured a guarantee from Fogamu.

The engineer and businesswoman tells of her wonderful experience and highlights the advantages that the fund represents.It was a great help for me to buy the equipment to produce content“We help women who have no income or who want to earn extra income and want to sell their work place,” she stressed.

When those interested in obtaining a loan do not have sufficient collateral to support the credit application, they can turn to Fogamu. The credit analysis process is performed by the financial entity and if a collateral is required, this entity directly manages the issuance of the collateral with Fogapy without the need for the credit interested party to take additional procedures.