SDG 8: Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all - Spotlight on Ecuador | Carmen Liliana Castillo Curillo | Vision Fund Ecuador (VFE)

From Fields to Shelves, A Blossoming Entrepreneurial Journey

An enterprising strawberry farmer, Carmen Liliana Castillo Curillo faced market challenges due to a lack of financial resources needed to expand and diversity her agribusiness.

In March 2021, she started working with Vision Fund Ecuador (VFE) initially as a recipient of group loans. Group lending provided her initial financing and experience managing loans, sowing the seeds for individual borrowing based on her strong repayment capacity and her consistent track record.

After a few successful loan cycles, Carmen's strong repayment history enabled her to qualify for an individual loan from VFE. She used this loan to build irrigation structures and a greenhouse, significantly boosting her strawberry production. With her increased capacity and new infrastructure in place, Carmen was able to diversify her farming activities to include bell peppers, flowers, and even trout farming. This diversification further strengthened her agribusiness and ensured a steady income stream.
By early 2022, Carmen created her own brand of strawberries, "De Mi Campo," which she now sells to local grocery stores. VFE's financial support transformed Carmen's business practices, aligning seamlessly with SDG 8's vision of promoting sustained, inclusive, and sustainable economic growth.

As of August 2023, VFE has enabled prosperity for 73,000 borrowers with a loan portfolio of USD 112 million. Focused on the agricultural sector, especially supporting women, VFE stands out as a top-performing microcredit bank in Ecuador. Carmen's journey, alongside thousands like her, illustrates how impact investing fosters job creation, skills development, and sustainable enterprises. Funding to small farm holders contributes to the resilience of their businesses, enabling SDG 1 (No Poverty) and improving agricultural output, which supports SDG 2 (Zero Hunger). These farms are often in rural areas, and access to loans helps reduce inequalities (SDG 10). Group lending is also a viable alternative for borrowers who lack credit history, experience with loans, collateral, or other security to qualify for individual funding. Lastly, this story is a good illustration of how access to loans supports the small businesses of women (SDG 5).

More information on the United Nations SDGs https://sdgs.un.org/goals