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Where traditional banking does not exist due to operating costs preventing requests for credits of $ 200 or less, there is fertile ground for small banks and credit unions, which now amount to about 250.
The regularity of wires received, in particular from relatives in the United States, enables the concept of "install your business and pay your credit with the wire", as indicated by Mercedes Llort, acting chairman of the Foundation for Microfinance Training and Consultancy, allowing the money coming from abroad to be used in productive developments.
The article by Maria José Saavedra of Laprensagrafica.com, reports that "the approximate number of customers handled by each credit union is as little as 1.000, but there are some cooperatives, the strongest, 10 or 15 of them, which can have up to 5.000 ".
Source: laprensagrafica.com
More on this topic
September 2009
The Fitch report notes that the negative effects of the global crisis have intensified in Nicaragua.
Fitch Ratings – San Salvador/San José, September 24, 2009. The risks faced by microfinance institutions worldwide have aggravated over the past year. The lesser favorable economic conditions have deeply impacted the populational sectors in developing countries that have managed to overcome poverty and compose an important segment of microfinance institutions.
October 2009
An agreement between international organizations will provide up to $250 million in loans for Latin America's micro-financing entities.
The agreement was signed by Multilateral Investment Fund (Fomin), part of Inter-american Development Bank (IDB), Inter-American Investment Corporation (CII), Andean Development Corporation (CAF), Overseas Private Investment Corporation (OPIC) and Blue Orchard Finance.
April 2012
Between 2010 and 2011 the microfinance portfolio increased by 23%, going from $84 million to $104 million, averaging $529 per loan.
From the Journal of the Chamber of Industry of Guatemala:
Microfinance institutions in Guatemala maintain a dynamic support for the development and growth of thousands of micro and small businesses around the country, especially in rural areas.
January 2011
A law regulating the microfinance market would open the opportunity to capture savings that currently can only be done through cooperatives and banks.
The article by Byron Dardón in Capital.com.pa, reports that the bill on microfinance is expected this year and has the support of the Financial Inclusion Program of the Treasury of the United States, which promotes the adoption in Latin American countries of market governing rules.
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