September 8, 2011
Supporting Micro Finance Institutions & Micro Entrepreneurs
Grant Amount: $195,700 Grant
Improve the loan capacity of microlender FINCA Haiti.
Margarette Nivose used her first $105 FINCA Haiti loan to sell cosmetics.
FINCA specializes in village banking, which brings small groups of community members together as a financial support group. These groups, predominantly made up of women, give women newfound borrowing ability. With financing through FINCA Haiti, these borrowers are able to start or expand small businesses with loans that average just $300.
FINCA’s clients are primarily the working poor. It reaches out to these clients, 70% of whom are women, through a form of lending called village banking. Using this method, FINCA is able to provide microcredit to neighborhood cooperatives made up of approximately 10 Haitians who, together, are able to gain access to credit that they could not have secured alone.
Our grant worked to bolster FINCA Haiti’s loan recovery department by providing the funds to employ and train new staff, as well as paying for vehicles and computers to more effectively manage and track loans.
Why We Invested in FINCA
Clinton Bush Haiti Fund's grant to FINCA International reflects the mission to support the restart and expansion of microenterprises, of which women are key contributors, by strengthening a Haitian microfinance institution that lends primarily to women entrepreneurs.
Transforming Lives and Livelihoods
- Helped Haitian entrepreneurs, predominantly women, access the finance they need to develop their small and growing businesses, allowing them to support their families and communities.
- Supported borrowers who are otherwise too poor to secure credit from other lenders.
- Employed and trained Haitians in loan management and loan recovery.
- Secured the long-term sustainability of an established microfinance institution in Haiti.
FINCA International is a 501(c)(3) that began in 1985, and whose mission is to provide financial services to the world’s lowest-income entrepreneurs so they can create jobs, build assets, and improve their standard of living. It is active in 21 countries across the globe and currently serves more than 850,000 borrowers (70% of whom are women). FINCA Haiti, an affiliate of FINCA International, was established in 1989. It serves the working poor in Haiti, primarily those who operate in the commerce, service, and agricultural sectors. Learn about FINCA's work at www.finca.org.