Programs / Business/ Communities / El Cantón «

 

 

Community Bank Overview
Establishment Date	January 2012
Number of Members	27
Board of Directors	10
Services	Credit and Savings
Total Amount Capitalized by Global Brigades	NA

 

 

About El Cantón

El Cantón is a community with a population of 450 people living in

75 homes.  Located at an elevation of over 2,330 ft, El Cantón is

 nestled in a valley in the municipality of Teupasenti in the department

 of El Paraíso.  It is an agricultural community relying on the production

 of corn and bean for sustenance.  Global Brigades recently finished

 constructing a health center in El Cantón, which serves many

 surrounding communities.  El Cantón already has a community bank,

 public health instrastructure in all homes, and a functioning water

 system thanks to both community members' and student volunteer's

 hard work.

 

El Cantón's Economic Challenge

Many of the community members in El Cantón work in agriculture on
their own land. They primarily grow corn and beans for sustenance.
When they have surplus crops, they sell them.

 

Prior to the creation of the community bank, community members could not access formal financial institutions. They were inaccessible due to distance and cost. They also generally did not approve loans to community members as they do not have a fixed income, which made it very difficult for local microenterprises to grow and thrive.

 

Microfinance & Business Consulting in El Cantón

Community members in El Cantón hope to receive financial training and business consulting to create new businesses. A bakery started by six enterprising women is one of the most  prosperous businesses in the community. It sells a variety of sweet breads and pastries in El Cantón and the surrounding area.  Recognizing the bakery's success and the impact that it has had on the lives on its owners, many other community members strive to open new businesses and microenterprises.

 

One of the cornerstones for the success of future projects is the sustainable nature of a community bank: investments are approved through loans granted to community projects; interest is then paid back on the loans—both large and small—and 100% of profits stay in the community, enabling the funding of more loans for more projects in the community. Capitalization of the community bank is directly linked to the development of El Cantón; the growth and success of their community bank means growth and success for the community.

 

Current Status

Last Visit: March 2015

The Microfinance and Business Team is currently following up at community bank meetings to ensure the sustainability of the community bank, following-up with existing microenterprises, and working with community members to devise new ones.

 

Visit Other Programs in El Cantón

Global Brigades strives to implement a model of Holistic Development in communities through a system of collectively implementing health, economic, and education initiatives to strategically meet a community's development goals. Learn more about the other programs being implemented in El Cantón:

 

Medical DentalEngineering MicrofinanceWaterPublic HealthArchitectureCHW