[PRESS RELEASE] Building Markets arrives in Colombia to support small businesses
[PRESS RELEASE] Building Markets arrives in Colombia to support small businesses
May 17, 2023 | Building Markets
Building Markets arrives in Colombia to support small businesses
Building Markets, an international non-profit organization with almost two decades of experience supporting the growth and development of small businesses worldwide announces its arrival in Colombia with the support of the Conrad N. Hilton Foundation.
Bogotá, May 16, 2023 – Building Markets arrives in Colombia with a program to support small businesses and help them access high-value market opportunities. Building Markets will focus on supporting small businesses that are owned by or employ migrants or internally displaced persons. This strategy aims to help this companies with growth potential develop their ability to access procurement opportunities and participate in inclusive supplier processes, making them more competitive and closing equity gaps.
Since 2004, Building Markets has demonstrated the effectiveness of the model in challenging and diverse markets such as Myanmar, Haiti, Afghanistan, and Türkiye, helping small businesses win transactions values at more than $1.4 billion and create more than 74,500 full-time equivalent jobs.
In Colombia, with the support of the Conrad N. Hilton Foundation, the organization aims to empower and strengthen over 700 small businesses that are owned by or employ migrants or displaced persons in its first year of operation. It is expected to enhance their capabilities and build trust in the market, facilitating access to local and international networks and boosting increased sales, volume, and quality. This will contribute to job creation and formality, as well as integrate small businesses into supply chains.
According to Carolina Durán, Program Director for Latin America at Building Markets, “the success of the operation is measured by the growth and creation of new jobs in the companies that will be supported, as well as the increase in sales.” Building Markets works with data, reports, and market signals to make decisions and design relevant interventions that meet the specific needs of the companies and big buyers.
“We are very proud of our results in other challenging and diverse markets, and we hope to replicate them in Colombia. We know that with a relatively simple intervention, better results can be obtained for small businesses,” adds Durán.
For more information on Building Markets and its model of support for small businesses led by migrant populations, visit our website at www.buildingmarkets.org.
Press contact:
Leonardo Nieto – Tel: 57 310 5812205
Email: nieto@buildingmarkets.org