The program will provide immediate relief and longer-term recovery support to 3,500 women entrepreneurs running microenterprises.
According to President and CEO of Grameen Foundation Steve Hollingworth, “J.P. Morgan understood early that relief and recovery of individual entrepreneurs, especially women, would be a critical step to ensuring the economic resilience of the Philippines in this time of crisis, and we are proud to partner with them on this important initiative.”
The ECQ restricted local travel and stores, businesses, and offices had to close, which severely impacted the livelihood of much of the population. Women micro-entrepreneurs, and likely primary caregivers, have found it challenging to sustain their incomes due to the lockdown.
Microfinance Institutions (MFIs) that traditionally support microentrepreneurs with financial and non-financial services, such as access to essential health, business, and government information and linkages to additional services, are also facing constraints sustaining their businesses.
“J.P. Morgan is committed to helping address the impact of COVID-19 in communities around the world. Here in the Philippines and through our partnership with Grameen Foundation, we are tackling inclusive recovery with a focus on supporting the most vulnerable individuals as they go through these difficult times,” said Carlos Ma. G. Mendoza, Senior Country Officer — J.P. Morgan Philippines.
To implement this program the overall COVID-19 Relief initiative Grameen will target vulnerable individual female micro-entrepreneurs and their families located in Metro Manila and Cebu City. Grameen will collaborate with and provide technical assistance to selected partner MFIs to reach these entrepreneurs.