President Nicolás Maduro activates 4-F of Entrepreneurial Engine

During his participation in the Productive Wednesday session dedicated to the Entrepreneurship Engine, the President of the Bolivarian Republic of Venezuela, Nicolás Maduro, activated the 4Fs that will form part of this Engine of the Bolivarian economic agenda, created for the revival of the country’s productive apparatus.

He explained that the first F that is part of this plan is “Formalization”, which will allow the entrepreneur to carry out all the necessary registration procedures to have institutional support.

In this regard, the Vice Minister for the Productive Economy, Ricardo Javier Sánchez, stressed that more than 43,000 entrepreneurs have already registered through the platform:

More than 43,000 entrepreneurs throughout the country have accessed the web portal, they registered and we keep complete data on the areas they cover,” said Sánchez, who added that once registered, the RIF registration and application procedures will be carried out through SENIAT.

In this context, the Venezuelan head of state ordered to facilitate the formalization of ventures and end bureaucracy.

The second F is focused on “Training”, which will allow entrepreneurs to have advice in areas such as accounting or marketing to boost their business.

He pointed out that in this phase there is a territorial strategy, with face-to-face training, in a pilot plan in five states: Carabobo, Miranda, Caracas, Portuguesa and Lara; in addition to distance training and comprehensive training programs, for which there is support from public and private companies.

The third F corresponds to “Financing”, in which there is the support of public banking institutions, as well as a special fund created by the National Executive to support entrepreneurs, a fund that has 46 million bolívares.

At this point, representatives of Banco de Venezuela announced that more than 700 financings have been provided to different entrepreneurs:

We have to provide support before, during and after financing. The entrepreneur needs to be understood and helped”, he stated.

The last F corresponds to the “Fairs”, spaces to show the products and services developed by Venezuelan enterprises.

All undertakings are important, in different areas, everyone must be supported”, he stressed.

Was created National Entrepreneurship Service of Venezuela:

As a demonstration of this commitment, the Head of State announced the creation of the National Entrepreneurship Service of Venezuela, an entity that will be responsible for articulating all the institutions linked to entrepreneurship in order to move efficiently towards economic prosperity.

He announced that in all the Shopping Centers in the country will be deployed the staff of “Emprender Juntos” (To Undertake Together), in order to offer them all the information to enter the 4F of entrepreneurship and urged the National Assembly (AN) to continue legislating to promote recovery of the country’s economy, as well as to support the effort and work of Venezuelans:

How good to have as a country a National Assembly that consults the people. That all the laws he has made have been to improve Venezuela in all its aspects. I had to put up with five years of an AN of conspiracy, of delays, of a permanent plot, a disastrous AN. The 2016-2021 AN. There are still remnants of that out there, which aims to continue to sabotage the economy”, he concluded.