Recognizing Excellence in Microfinance

Citi Foundation and the Caribbean MicroFinance Alliance are pleased to present the winners of the Third Annual Citi-CMFA Caribbean Microfinance Awards. This year’s Awards recognize microentrepreneurs in Belize, Jamaica, and Grenada who have successfully developed and grown their businesses. First place winners in each category receive a cash prize of US$3,000 and second place winners receive US$1,500.

AWARD FOR BEST YOUNG MICROENTREPRENEUR

EIDER ROMERO

Winner

At just 16 years old, Eider Romero has already created and grown his own business, which now has six employees and annual sales of US$45,000. ER’s Icy Treats, established in 2009, sells fruit popsicles, developed by Eider himself, to a rapidly growing clientele in Belize.

At a very young age, he borrowed US$3.00 from his mother and began making and then selling homemade popsicles. Later, with his parents’ help, he accessed financing from La Inmacu- lada Credit Union, which enabled him to concoct new flavors and purchase a manual cart. Subsequently, he purcha- sed a van, motorcycles and then more carts so that ER’s Icy Treats could signifi- cantly extend its outreach.

Eider is finishing high school and will further develop his business skills by pursuing a degree in Business Manage- ment with a major in marketing. Eider plans to make ER’s Icy Treats into a chain known throughout Belize.

ELIEl REYNOSO

Second place W inner

Snowcones have long held their own as popular fruity, sweet desserts, but Eliel Reynoso has flipped the script with his signature tangy sweet and sour snowcones, which feature cha- moy, a traditional Mexican mix of spices, chili and apricot. With four employees, Eliel’s business, Hawaiian Ice Parlour, also offers flavors such as tamarind, pineapple and lime.

This enterprising 25-year-old followed in his father’s footsteps as a snowcone vendor. With a loan from La Inmacu-lada Credit Union, he established his own stall in front of the town’s hospital. As his sales increased, Eliel acquired a portable shed and then a tricycle cart. He has added fruit salads to his product line and has planted 1,000 lime trees to produce his own supply.

Last year’s sales totaled US$31,000 and Eliel now plans to invest in improved branding and processing equipment. He plans to establish a network of concession stands with pre-mixed raw materials.

See attachment below for other awardees