Duggleby & Associates, Inc.

Projects in value chain financing Projects in banking for SME and micro finance
Projects in capacity building for banks and MFIsProjects in micro and SME finance post conflict


Micro enterprises are and will continue to be a primary means of income generation and employment in the informal sector in developing countries, and they are playing an increasing market role as suppliers to larger businesses in key value chains. In emerging market economies and post conflict countries,  small to medium scale enterprises (SMEs) or “middle market” businesses are becoming increasingly important in fostering economic growth and recovery.   

Design of Liberia Enterprise Development Fund (LEDF) for Financing SMEs

During January to February, 2007, Tamara Duggleby led a mission to Liberia to do an in depth market assessment of the needs for credit and equity capital among SMEs trying to rebuild after losing assets and markets as a result of the prolonged civil war. She assessed demand for various types of products among businesses in 10 sectors (agricultural and non agricultural, production and services), and worked with the functioning banks to determine availability of credit, terms, appetite for lending and risk management techniques used in lending to local businesses. She examined with another team member the BDS side, or demand and supply of quality business development services. Based upon the findings of the assessment, she prepared the detailed report used by OPIC in determining whether they would finance a fund, including design recommendations, credit products and projections for a facility that would extend credit to “middle market” businesses, as well as improve access to quality business consulting services. OPIC has since committed to lending $20 million to capitalize the LEDF.

East Africa Business Investment Fund (2003 - 2005)

Duggleby and Associates, Inc. assisted the development and capitalization of a private investment fund designed to make direct equity investments in value added rural small scale enterprises in Tanzania, Kenya and Uganda. The firm assisted feasibility analysis, business plan development and capital raising, for a fund which will place up to $l5 million in capital investments in predominately agricultural based SMEs, which add value to natural resources and will generate employment and productive assets in less invested areas of the target countries. The approach has been to provide seed capital and management assistance in business development/expansion with the objective of helping businesses grow into community based industries serving national and regional markets. Some enterprises assisted have both regional and international export potential and will pull small farmers through to larger markets through fund assisted value chain development.

USAID Growing Micro Enterprise Development Project (India, 2004)

During November,2004 to January, 2005, Ms Hall Of Duggleby and Associates assisted the ACDI-VOCA AMAPS Team in conducting the financial markets assessment for agribusinesses in India under the GMED project. She held in depth discussions with individual entrepreneurs in two agric value chains (organic vegetables and fruits and poultry) to determine needs for and access to financing, and with commercial and development bankers and capital markets institutions to identify existing products, terms and appetite to lend to growing supply and marketing businesses. She identified new or adapted financial products needed for expansion and present constraints to addressing those needs in the formal financial sector. She then assisted the team in developing product recommendations for addressing them.

USAID Eritrean Enterprise Investment Project Assessment (2002)

During 2002, Ms. Duggleby served as the Business Finance Specialist for the USAID/Eritrea Rural Enterprise Investment Project (REIP) Assessment, and used here recommendations as basis for assisting USAID/Eritrea in crafting its future strategy for supporting the development and financing of value added agriculture-related SMEs in this post conflict market. She assisted the Mission in assessing the performance of the then running REIP, including a bank line of credit for SMEs and a Rural Enterprise Unit providing BDS to assist rural business recovery following the recent war with Ethiopia. Ms Duggleby assisted assessment of the competitiveness of export potential private enterprises in six sectors, as well as REIP portfolio quality and bank capacity to lend. She made recommendations for future USAID support for credit facilities designed to serve domestic and export potential SMEs in the agricultural sector on a more market driven basis.

Kazakstan Farm Restructuring Support Project (APAP Phase I)

Firm assisted the World Bank in the initial formulation of the first phase of the APAP project, which has supported the break up of large Soviet Era collective farms through the provision of BDS and financial services for economically viable small agricultural-related businesses. Associates conducted an in depth capital markets assessment and credit needs assessment among agro businesses, and assisted in developing the design for a Bank supported Managed Fund, as risk sharing facility working with the banks. (l997) Phase II was launched in 2003.

Turkmenistan Rural Finance Project

Firm served as rural credit consultant to the World Bank Mission developing an agricultural restructuring project in this Republic. Analyzed optimal institutional channels and products for extending commercial credit to operators of small to medium scale non-farm investments (agroprocessing, inputs marketing, machinery import and distribution, etc.), and developed specific products which could be used for extending credit to small holder farmers for production and marketing activities through the Dayhan Bank

Kyrgyz Agricultural Finance Corporation

The firm conducted for the World Bank a country market assessment and pre appraisal for the Bank's rural finance project in the Kyrgyz Republic, made recommendations for design of the overall credit facility and then assisted full project appraisal for the creation of a commercial financial institution for agricultural enterprises in Kyrgyzstan. Launched following the collapse of the banking sector, the resulting Kyrgyz Agricultural Finance Corporation (KAFC) has extended small farmer credit as well as loans to small to medium scale agriculture related enterprises in inputs supply, livestock raising, agric production and processing. (1996 1997)

USAID Ghana TIPS and Capital Market Instruments for SMEs

Ms. Duggleby assisted USAID/Ghana in assessing needs for term financing among SMEs as non-traditional exporters under the Trade and Investment Promotion (TIPS) Project. Working with the Mission, she assessed the quality of credit demand among export ready SMEs, supply response from banks, barriers to securing bank financing and absorption capacity of long term debt and equities markets. She analyzed management requirements and inherent risks of various instruments for packaging and placing short and long-term debt. Recommendations led to a USAID supported guarantee fund for export ready SME investment loans. (1995)

World Bank/ Bank of Uganda SME Financing Project

Duggleby and Associates, Inc. was contracted by the World Bank to the Bank of Uganda, in order to carry out a mid term assessment of the progress achieved by the World Bank supported SME line of credit for that country in generating greater access to bank financing. As the SME credit was not being used at anticipated rates, Ms. Duggleby undertook an assessment of supply and demand for the credit. Working with six participating banks, she assessed bank willingness to lend, credit terms, risk perception and capacity to do sound credit and risk analysis. She analyzed the viability and creditworthiness of SME clients, among businesses re-starting after the War of Liberation. Based upon and the findings, she made specific recommendations for additional training for bankers in credit analysis and risk management and developed for the Bank a technical recommendation for a Business Advisory Service to improve quality of business plans and enterprise management. (1994)

USAID PRET Project in Haiti

Duggleby and Associates, Inc. led the design team for the USAID/Haiti Mission's multi level micro and small enterprise support project, which was implemented after the return of democratic government. Project components included management and marketing assistance (BDS) for micro and small enterprises, access to credits with loan guarantees and improved infrastructure. (1993).

Credit and Business Support Project for Women's Rural Enterprises in Uganda

Ms. Duggleby led the UNCDF design team for what became the JENGA Support Program for Women's Rural Enterprises in Uganda, now run by CARE. As such, she conducted market and feasibility analysis for an integrated credit and BDS project providing rural enterprise development support services and credit for agriculture related activities run by groups of very poor rural women. Project was designed and implemented as part of country's economic recovery following the civil wars ending in 1986. Credit was originally provided as part of a package of services including enterprise management skills building.

Design of Investment Corporation for SMEs in the West Bank (USAID)

As project design consultant for the USAID-supported Economic Development Program for the West Bank, Ms. Duggleby conducted the investment market assessment, financial and operational analyses for a private investment corporation for the financing of small to medium scale businesses in the West Bank. Using results of her analyses, she developed a Business Plan for the Bethlehem Investment Corporation, including proposed management, organizational and capital structure, five-year projections and capital absorption analysis. The Business Plan was developed with and for a group of 25 Palestinian business owners, engaged in light industry, agribusiness and export trade, and desirous of capitalizing and managing a small business lending institution that would provide credit as well as business advisory services focused upon markets expansion. Target market was established SMEs in the West Bank producing and marketing value added products under the restrictive market access policies of the Israeli government.

Related Studies in Micro and SME Finance

Structural Adjustment and Gender in Africa (SAGA) Project

Under this six month 1995 consultancy, the firm worked with The World Bank and CIDAto examine the Bank's success under structural adjustment in reaching poor women as borrowers with appropriate financial services, and to survey the "best practices" of successful NGO run non bank microfinance institutions in Africa and elsewhere in reaching poor women. Working with input from Bank staff and African based NGOs,, Ms. Duggleby developed a Working Paper and a detailed framework for World Bank Task Managers to use in integrating necessary policy reforms and institutional capacity building support for micro finance institutions serving women, into financial sector adjustment credits. She assisted the Bank in using the resulting framework to implement gender sensitive Financial Sector Adjustment Loans in African countries.

Financial Intermediation Study in Francophone West Africa (World Bank)

During l992-1993, Duggleby and Associates, Inc. carried out an in-depth research study on bank financial intermediation with SMEs in the informal sector in Francophone West Africa. Field research examined the relationship between the extent to which banks and non regulated non bank intermediaries (credit unions, SME credit funds, Tontines) adapted to working with culturally based practices and requirements of micro and small business operators, and institutional success in generating high rates of loan recovery and deposit generation. Team used the findings to develop several models for increasing financial intermediation between banks and SMEs. One of these, the “banque mutuelliste”, was adapted by the Bank for use in several country level banking projects. Findings were published as part of the “Africa Management for the 90's” Book (World Bank, l994).







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