(Report in English only)

Introduction 

This report presents the consolidated findings from the Ignite Program (2020 – 2023), a market-based initiative led by CARE in partnership with the Mastercard Center for Inclusive Growth. The program was implemented in Vietnam, Pakistan, and Peru to support micro and small enterprises (MSEs), particularly those led by individuals facing systemic barriers to finance and digital access. Using a model grounded in sustainable partnerships, the program engaged over 35 local organizations, including 11 core partners, to deliver tailored financial services, capacity-building, and digital literacy. 

Ignite aimed to reach 3.9 million entrepreneurs but ultimately impacted 9.5 million people and unlocked over USD 154.9 million in loan capital. Through grant funding of USD 5.26 million, Ignite facilitated access to financial products, business training, and digital tools, with a focus on underserved groups. In Vietnam, 95% of the program’s deeply supported participants were women. 

The report outlines evidence-backed insights on what works to enable inclusive growth. It highlights both financial performance and human-centered results: first-time loan access, increased revenues, expanded digital adoption, and improved quality of life. Key lessons demonstrate the importance of trust-based partnerships, flexible product design, and coordinated outreach. The findings aim to influence financial service providers, government stakeholders, and donors to design more inclusive ecosystems that allow micro and small entrepreneurs to thrive. 

Key findings 

• Ignite reached 9.5 million people (target was 3.9 million) 

• USD 154.9 million in loan capital mobilized through partner financial institutions 

• 150,475 entrepreneurs received direct support (loans, digital tools, training) 

• 51% received a business loan for the first time 

• 10% went on to receive a second loan 

• 81% reported increased revenue 

• 92% applied Ignite training in their businesses 

• 90% said their quality of life improved 

• 68% of deeply supported participants were women (95% in Vietnam) 

• 83% of women reported using digital tools after training 

• 79% credited digital adoption with helping their business grow 

• 81% of women experienced reduced stress levels 

• 100% repayment rate achieved in select partner loan products 

Policy recommendations: 

• Prioritize access to tailored financial products for small entrepreneurs 

• Invest in human-centered digital literacy programs 

• Scale trust-based partnerships for more inclusive outreach 

• Encourage financial institutions to recognize diverse client needs 

• Align financing models with long-term capacity-building, not only transactions 

Micro and small enterprises (MSEs) are vital to local and national economies. Yet, many continue to face challenges in accessing finance and business development services. The Ignite Program (2020 – 2023), supported by the Mastercard Center for Inclusive Growth and implemented by CARE, sought to unlock the potential of MSEs in Vietnam, Pakistan, and Peru through a market-based, scalable approach. 

Through collaboration with 36 local partners, including financial institutions, fintechs, NGOs, and government agencies, Ignite provided tailored support such as business loans, digital tools, and training. It mobilized over USD 154.9 million in capital and delivered hands-on support to more than 150,000 entrepreneurs. 

Findings highlight both commercial returns and improvements in business resilience and wellbeing, especially for participants who had previously lacked access to such resources. The program serves as evidence of the value in building systems that are inclusive, responsive, and based on long-term engagement. 

Unlocking the Potential of Women-led Micro & Small Enterprises