|Organization Name:||Opportunity International Canada|
|Project Title:||Young Entrepreneur Savings Club (Bogotá, Colombia)|
|Purpose of Investment:||To expand Opportunity International’s financial literacy programs to educate 900 more children and 200 more adults who live in impoverished communities in Colombia.|
In January 2006 the government of Colombia mandated that all secondary educational institutions include Entrepreneurship into their curriculum. In 2016, the government extended their mandate to primary schools. From January 2020-December 2021 IHF is on mission to provide relevant entrepreneurial development tools/training/savings programs opportunities for 900 vulnerable children & youth. Access to financial and social assets is a key contributing factor to help youth make their own economic decisions and escape poverty. IHF recognizes that failure to develop financial literacy skills may further restrict them to persistent, deepening poverty.
IHF will concentrate on reaching vulnerable youth (ages 8-21) in lower strata barrios including an outreach with the Venezuelan displaced youth. The program called YES Club (Youth Entrepreneurship and Savings) Club will engage children and youth in startup businesses where each participant will be trained and will undertake the processes of production, packaging, sales, accounting and savings. New products including baked goods, card making etc. will be designed to be low cost for easy sales in the communities where the YES clubs are located. Higher end bakery products will be developed for youth to sell to local businesses. IHF will recruit and train local facilitators who will oversee YES Clubs.
YES club participants will be provided with leadership development training; including opportunities for members to be trained as President, Treasurer, Inventory Controller, Secretary. Club participants will be taught basic bookkeeping principles that include processing and recording payments and savings. Participants will also learn how to conduct market research, implement quality control standards, develop just-in-time inventory strategies, food handling production and marketing skills.
IHF will develop partnerships with established children´s and youth ministries based in churches, non-profit organizations, and schools to deepen their understanding of the important principles of entrepreneurship and money management. IHF will also work in collaboration with Opportunity’s other in-country partner, AGAPE, in partnership opportunities through partner schools as a component of their entrepreneurship program.
IHF will continue to operate and expand the offerings of their unique revenue generating co-operative bakery that provides a variety of products for YES club participants to sell. The bakery will also develop a client partnership /donor model for Colombian businesses with an emphasis on Corporate Social Responsibility.
- Create 60 new weekly Young Entrepreneur Savings groups (YES CLUBS) over the two year period: 900 children; savings goal 25,000,000 pesos in their first year; Year two, increase their savings by 10%; introduce 10 new products for sale during the two year period.
- Pilot 10-20 additional Adult and Young Entrepreneur and Savings Clubs within the Venezuelan refugee and other high risk vulnerable communities. Over the two year period of the project reach a minimum of 200 additional individuals.
- Mobilize the Director of Business Development Role for Investing Hope Foundation who will:
– R&D new product;
-manage the baking; develop an elite and economic line of bakery products for resale and/or public awareness;
– establish philanthropy campaigns with corporate partners for Day of the Woman, Mother´s Day, Day of Love and Friendship, and Christmas;
– Establish 10 Colombian Corporate/Community Partnerships (year 1) and 25 partnerships (year 2)
*Content provided by Opportunity International Canada