Microfinance: US$9 million for FUNDESER, Nicaragua

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Fundeser receives US$9 million more to support the micro, small and medium sized urban and rural enterprises of Nicaragua. The lenders are BIO and Incofin (Belgium), ResponsAbility and Symbiotics (Switzerland), Cordaid and Oikocredit (Netherland), Conective Capital (Germany) and LMDF/ADA (Luxemburg).

Fundación para el Desarrollo Socio-Económico Rural (“Fundeser”) is a non-governmental organization registered since 2000 in Managua.

Fundeser was launched in 1997, under the name “Prodagros”, a small-holders/farmers credit and technical assistance program supported by CARITAS. It was legally incorporated in 2000 as an NGO under the name Fundación para el Desarrollo Socio-Económico Rural.

The institution aims at becoming a specialist of the rural microenterprise sector at the national level. Fundeser works towards making its rural network - of 19 branches - reference centres for the rural population.
Providing financial services to low-income rural entrepreneurs is the sole mission of the institution. Fundeser offers a wide range of tailored-made products mainly based on the individual methodology (82,4%).
At the end of the first half of 2013, Fundeser had increased by 10.5 % its portfolio, and 63% of its disbursements have been for the agricultural sector.

Fundeser has been introduced to BIO by Incofin Investment Management in the frame of the cooperation agreement signed by both institutions early June 2012.

More information on Fundeser.