Peru: Small Business ‘Linkages’ Program
- Newmont Mining
- Compania de Minas (Peruvian Mining Firm)
- International Finance Corporation (IFC)
- Local Government
Newmont and International Finance Corporation (IFC) Peru set up a holistic support program for small and medium sized businesses (SMES) called ‘Linkages’.
The ‘Linkages’ program included comprehensive financial advisory services and marketing support. To complement this, an administrative simplification project was launched in conjunction with local government, making it far easier to register a new business through a ‘one-stop-shop’ and bringing licensing costs down for SMEs.
Newmont providing funding and professional training modules to the program and supported the creation of a local association to support sustainable development in the area over the long term.
Points to note:
- Joint-working with government and the private sector led to new way of working- reducing bureaucracy and shortening new company registration times
- Newmont’s direct intervention to strengthen the SME sector in the region in conjunction with Compania de Minas allows both mining firms to benefit from a more skilled, reliable local supply chain
- The support offered to local firms stimulates the local economy and strengthens the entrepreneurial sector, thereby improving livelihoods and reducing reliance on the mines