Freddy Mayta Quispe has a passion for natural products, specifically traditional Andean goods. He values the benefits these products have for health and wellness and wanted to share them with his community. “I love to use and consume these natural products. They don’t have preservatives — this is all-natural. It is very good for your health. And that is why I am dedicating my life to distributing them,” says Freddy.
Freddy also values his independence and knew he wanted to chart his own destiny. But when he began putting together his business plan, Freddy hit a hurdle in accessing the funding needed to get his idea off the ground. “I was looking for options, but no one wanted to give me a loan because I was looking for a significant amount — it wasn’t small — and they weren’t giving it to me.” Despite his great ideas and passion, Freddy faced a financing gap experienced by many micro-and-small entrepreneurs. The Inter-American Development Bank estimates the funding gap for Latin American medium, small, and micro-enterprises to be $250 billion.
Luckily there are financial service providers that have made it their mission to fill the gap and meet the needs of small business owners like Freddy. In Peru, Accion partner, Mibanco, specializes in understanding the needs of entrepreneurs. They offer advice and loans that allow businesses to grow sustainably. Mibanco business manager, Roberto Gallardo Bejarano, says, “Here you have a company that has a purpose, and that purpose is to affect people’s lives. The financially inclusive part is giving them a chance — seeing their progress and how you can improve on that. So it makes you feel complete, and that, for me, is priceless.”
Mibanco could see the potential in Freddy’s business plan, and they did give him a chance. With advice and loans from Mibanco, Freddy has expanded his business and been able to provide a better life for his wife and two sons. But he still wants to achieve more, “Thanks to MiBanco, I have a house, I have a roof over my head. And I can give comfort and all these good things to my family, but there is still a long way to go and many goals I would wish to reach.”
Ultimately, Freddy dreams of opening a supermarket specializing in Andean natural products. With his drive to achieve his goals and a trusted partner like Mibanco, Freddy sees unlimited potential.