4.4.2 Involve the right partners from the start

PROBIDE played a key role in providing professor training at different Peruvian universities to ensure that the youth entrepreneurs received the right business development services prior to developing a business plan. Involving these professors in the evaluation and monitoring of each step in the business selection process also helped to give the banks greater confidence in the entrepreneurs. Additionally, the IDB played a critical role in establishing the new credit system. It provided cash collateral, which was instrumental in giving assurance to the banks. The banks themselves, first volunteered based on a CSR mentality however over time became convinced of the business opportunity, as indicated by their continued investment beyond the project. PROBIDE also used its strong ties to the private sector to encourage businesses to contribute promissory notes to the fund.