These new entrepreneurs come from the seed capital scheme run by the Small, Small and Medium Enterprises Commission.
Post-pandemic, the Small and Medium Enterprises Micro-Commission (Ampyme) has been registering a large number of initiatives, especially those related to technology and agriculture.
According to Oscar Ramos, director of Amphim, previously new ventures were divided into 50% trade and 50% services. Now food covers 30% and technology 10%.
Ramos explained that agribusiness is based on the creation, production and processing of food.
During the digital revolution, there are also those who seek technology because it does not involve much investment, but “it creates new jobs.”
So far in 2023, Amphim has already trained around 1,000 entrepreneurs in the seed capital program. This number will reach 2,500 to 3,500 arrivals by the end of 2022.
Although the province of Panama has the majority of entrepreneurs in the entire country, according to Ramos, it is in the Azuero region, precisely with businesses dedicated to food production.
Regarding budget issues, the Comptroller General of Amphim Republic is awaiting approval of $900,000 for a seed capital plan.
Ramos said the number will be distributed among Amphim’s 450 seed capital projects across its 13 regional offices. In early 2023, the $900,000 is being paid as part of the compensation the government wanted to make after Amphim’s allocated budget suffered a one-million cut to fund petrol subsidies. That additional transfer went to the Comptroller’s Office and is now in the approval process,” Ramos explained while participating in the launch of the annual technology event: DISRUPT-IT 2023.
When this approval is given, Amphim’s director pointed out that they are opening some training calls for the seed capital program, which he considers “important” because it has more opportunities for a business. Success”.
“Throughout these weeks, we have been training entrepreneurs from all parts of the country, from Colon, Los Santos, Darien and from the capital. There is a lot of interest in participating in all of Amphim’s projects and not just financial projects, which are obviously the most demanding, but also general projects,” said Ramos.
“Throughout these weeks, we have been training entrepreneurs from all parts of the country, from Colon, Los Santos, Darien and from the capital. There is a lot of interest in participating in all Amphim projects and not just financial projects, which are obviously very demanding, but general projects as well”Oscar Ramos
Director of AMPYME
Ampyme’s director recalls that the seed capital program is not dedicated to awarding money, as it is a non-repayable competitive fund of up to $2,000 aimed at supporting new entrepreneurs and micro-enterprises in urban, rural and hinterland areas. As long as they comply with the training and supervision they follow.
In this regard, he clarified that this initiative requires the person to register their business plan in the call, which will then go to the evaluation of the inter-institutional committee, which will decide whether it is approved or not. If yes, you will get 40 hours training on business management. As a result, the person must resubmit their business plan to the committee in order to receive the money allocated to their suppliers.
“The process is relatively fast, however, it has inevitable steps; that is, after passing each of these steps and the approvals of the regulator’s office, the person will receive his seed capital,” said the director of Amphim.
According to Ramos, the follow-up processes include visits by each regional director, evaluating progress and promoting new competitions and trainings in their area and teaching from Amphim. “In the 20 years of Amphim, we have carried out very extensive follow-up activities. Till now, the total number of follow-up activities registered before this administration was 400, so far we have taken more than a thousand activities,” he highlighted.