The National Commission for Micro and Small Enterprises (Conamype) in El Salvador has awarded $480,232.39 in non-refundable funds to 35 micro and small enterprises (MSEs) to boost their business ventures.

The initiative, part of the “Development of Dynamic Micro and Small Enterprises for the Economic Reactivation of El Salvador” project, was carried out in collaboration with the Ministry of Tourism (Mitur), the Korea International Cooperation Agency (KOICA), the El Salvador Agency for International Cooperation (Esco), the Ministry of Foreign Affairs, and the United Nations Development Programme (UNDP).

According to Conamype’s statement on Monday, the funds will be used for investments such as purchasing machinery and equipment to increase production levels, implementing technological services, developing new products through technical assistance, and improving production facilities, accommodations, and restaurants.

To qualify for funding, businesses were required to demonstrate more than three years of operation, specify their economic sector, have no history of receiving non-refundable funds from Conamype, and be in good financial standing. Applicants were also evaluated based on a scoring system from Conamype’s database.

Beneficiary companies are required to contribute a counterpart percentage based on the awarded amount—10% for women-led businesses and 20% for those led by men. This marks the second round of capital disbursement under the program.