$60 Million for Micro Financing Companies in Nicaragua

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"All of our customers will keep on relying on the resources" commented Edda Meléndez, Country Manager at the Central American Economic Integration Bank (BCIE). "If they can't have the resources is because of eligibility matters and lack of compliance with requirements, not because BCIE is not disbursing funds", assured Meléndez.

The executive made these comments at the signing of a new agreement with the Foundation for Rural Socioeconomic Development (Fundeser), for the renovation of a $2 million credit line.

"These $2 million will be used to support 3.000 families with small loans, assured René Romero, Fundaser General Manager".

Source: laprensa.com.ni

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Microfinance Law Becomes Effective in Nicaragua

January 2012

On January 11, 2012 the Law on Promotion and Regulation of Microfinancers comes into force.

From 2009 up to 2011 the global financial crisis and the local crisis has negatively affected the microfinance sector, which has generated successive losses.

The president of the Nicaraguan Association of Microfinance Institutions (ASOMIF) and general manager of the Foundation for Rural Social and Economic Development (Fundeser), Rene Romero expects that the new legislation will bring "stability and institutionalisation" to the microfinance sector.

Nicaragua: New line of credit for rural micro businesses

August 2008

The Central American Bank for Economic Integration (BCIE) granted a $2 million credit to Fundeser to finance small farmers and micro businessmen from both rural and urban areas.

This loan was granted to the Foundation for Socio-Economic and Rural Development and is a part of the expansion of a previous contract. Fundeser has a network of agencies in 22 municipalities.

Nicaragua: $ 20.6 Million for Microcredit

March 2011

60% of the funds will go to small and medium size farmers.

Representatives of the Foundation for Rural Social and Economic Development (Fundesers) noted that about 36 thousand customers will be benefited with a line of credit.

"In the last two and half months Fundeser has recovered foreign funds for up to $ 1.2 million dollars, which will contribute in financing the planned growth for this year," reported Laprensa.com.ni.

Nicaragua: Slow Recovery in Micro-finance Industry

July 2010

The sector expects a slight improvement in the second half of the year after two years of steep decline.

René Romero, president of the Nicaraguan association of micro-finance institutions (Asomif), commented that evidence of the recovery is that some international institutions have started approving loans again.