ARTICLE - CLINTON BUSH HAITI FUND

HAITI'S RECOVERY CONTINUES AS HAITIAN BUSINESS THRIVE
(Clinton Bush Haiti Fund) - By Meg Galloway Pearce - www.clintonbushhaitifund.org

The Clinton Bush Haiti Fund invests another $3.2M to support Haitian enterprises

WASHINGTON, DC – As the world remembers the earthquake that shook Haiti two years ago, the Clinton Bush Haiti Fund joins Haitians in looking ahead, rebuilding the country and creating economic opportunity. As of January 6, 2012, the Fund has committed close to $36M to programs promoting smart, sustainable economic development. Part of this support includes today’s announcement of $3.2M in financing and business services for small and growing enterprises.

“The Fund is dedicated to supporting the Haitian people’s efforts to rebuild their own country. The successes we celebrate are not ours, but theirs,” Clinton Bush Haiti Fund CEO Gary Edson said. “While progress in Haiti can be difficult to measure, the Haitian businesses and workers we are supporting today are hopeful examples of how Haiti can thrive.”

Global Home and Office Smart:

The Clinton Bush Haiti Fund announced a program-related investment in Global Home and Office Smart, to make its new showroom a reality. With the Fund’s $350K loan, alongside the Haitian founders’ own contribution, Global Home and Office Smart is opening a downtown Port-au-Prince store this month. This Haitian company sells computers, office supplies, and textbooks in an extensive showroom.

Founded in 1999, Global Home and Office Smart is Haiti’s third-largest Haitian-owned office supply retailer. The earthquake destroyed its office building, warehouse, and much of its stock. However, the store’s three young entrepreneurs moved quickly into makeshift facilities, and positioned the company for growth. This loan will allow the business to complete the first step of a three-phase expansion—moving out of its temporary facilities in converted containers, and into a brand new furnished and stocked showroom.

Root Capital:

The Clinton Bush Haiti Fund announced a second grant of $1.04M to Root Capital, a nonprofit social investment fund that is promoting rural prosperity for small and growing Haitian agricultural businesses. Through this grant, Root Capital will provide financing and deliver technical assistance to businesses in Haiti.

With the Clinton Bush Haiti Fund’s initial $1.0M grant and program-related investment in 2010, Root Capital brought its lending model to Haiti, and has already invested in six Haitian enterprises, including COOPCAB, a coffee cooperative with 4,000 members, and Carifresh, a produce exporter.

ModAyiti:

The Clinton Bush Haiti Fund also announced another boost for Haiti’s garment sector by committing to support the Haitian Network of Designers (HAND) with an $847K grant. The grant, managed by Haitian nonprofit consulting firm CHAPE, will allow HAND to establish ModAyiti, a garment workshop. Under the roof of ModAyiti, designers will come together to design and produce clothing, shoes, jewelry, and handbags for markets in Haiti and abroad. Designers will use ModAyiti’s expertise and modern sewing equipment to fashion orders from pattern-making to final production.

Most individual ateliers—local workshops of three to four workers—are unable to support large garment orders because of capacity constraints. The ModAyiti apparel center will unite these talented textile professionals with the space, training, and resources to allow them to bring their design talent to an international market with quality products produced on a larger scale.