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MiCrédito 13
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In the rural areas of Nicaragua, Alber grows pineapples and dragon fruit. A loan from MiCrédito allowed him to purchase better seeds and a vehicle, enabling him to expand his business and create jobs. Your investment in MiCrédito provides 40 entrepreneurs like Alber with the resources to grow their businesses.
€100,000
5.50%
24 months
6 months
EUR
CurrencyAmount | €100,000 |
Interest | 5.50% |
Maturity | 24 months |
Repayments | 6 months |
Currency | EUR |
The project
Alber lives with his wife and two children in rural Nicaragua. He cultivates pineapples and dragon fruit, a passion inherited from his family. Alber realized he needed financial support to grow his business and decided to apply for a loan from MiCrédito.
Thanks to the loan from MiCrédito, he was able to buy better seeds and a small vehicle to transport his products to the market. These investments not only helped his business grow but also allowed him to provide employment to others in his community. This is crucial in Nicaragua, where 50% of rural residents live below the poverty line.
Alber's Growth: The Impact of MiCrédito on Rural Nicaragua
What social return could your investment make?
Nicaragua is one of the poorest countries in Central America, with limited access to financing for farmers and small-scale entrepreneurs. MiCrédito plays a crucial role in supporting these communities by providing loans and advice.
MiCrédito staff travel door-to-door on motorcycles in rural areas, allowing them to have personal contact with clients and a good understanding of the local population. This personal approach ensures targeted assistance, including financial education and technical guidance. This helps entrepreneurs improve their business operations and increase profitability.
With an average loan of €1,200, MiCrédito has already improved the lives of more than 8,000 families. Notably, 60% of the loans go to female entrepreneurs, contributing to gender equality and strengthening the economic position of women.
What financial return could your investment generate?
- Annual interest rate 5.5%.
- The maturity of the loan is 24 months.
- Repayment of your investment in equal instalments every six months. That means you will receive the repayment of your loan in 4 equal instalments, one every 6 months until the maturity of 24 months, along with the interest.
- With an investment of 1,000 euros, your expected total repayment would be 1,069 euros.
The story of MiCrédito
MiCrédito, founded on July 1st, 2004, represents a significant evolution in Nicaragua's microfinance sector. Originating from the experience and leadership of its management team and the Mennonite Economic Development Associates (MEDA), MiCrédito was established to provide enhanced financial services, particularly targeting the underserved rural areas of Nicaragua.
In September 2012, after eight years of dedicated institutional development, MiCrédito incorporated as a share-based company, marking a milestone in its growth. A year later, it gained official recognition from CONAMI, the National Commission of Microfinance in Nicaragua, further solidifying its presence in the microfinance landscape. MiCrédito's commitment to supporting its clients, partners, and shareholders continues as it collaborates closely with CONAMI, aiming for substantial social and financial impact in the communities it serves.
MiCrédito in numbers
- Founded in 2004
- 94 employees, 59% female
- 11 branches throughout the country
- As of 2023, 60% of loans went to female entrepreneurs
Company name | MiCredito |
CEO | Veronica Herrera Balladares |
Founded | 2004-01-01 |
Location | Managua |
Sector | Agriculture |
Turnover | €3,900,000 |
Employees | 94 |
Credit score | A |
Impact
MiCrédito is a microfinance institution in Nicaragua with a strong social background. They mainly focus on serving female entrepreneurs and entrepreneurs in agricultural and rural areas.
Financial penetration remains low in Nicaragua, and access to financing is scarce, especially amongst lower-income farmers and small-scale entrepreneurs in rural areas. At the moment, only 14% of the population can borrow from a formal source of funding, and just 8% have a savings account. To turn the tide, MiCrédito is focusing on serving the base of the economic and social pyramid.
Along with microloans for businesses, MiCrédito offers student loans at interest rates of 1.66% per month only. They also offer home improvement loans, sanitation loans, and solar product loans to enable the purchase of renewable energy products, such as solar panels. Through their social impact financial services, they have improved the quality of life of more than 8.000 families in Nicaragua so far.
SDGs impacted
With this project you are contributing to the following Sustainable Development Goals:
SDG 1 - No poverty
SDG 5 - Gender equality
SDG 8 - Decent work and economic growth
SDG 10 - Reduced inequalities
Read more about the impact you can make through our platform and the SDGs on our impact page.
Related blog posts
- With this investment 8 jobs are created
- With this investment 200 lives are improved
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