funding gap emerging markets


  • MiCredito
  • Local partner investment
  • + 1065 other investors
  • With EUR 500,000, MiCrédito can finance 300 micro entrepreneurial farmers engaged in the cultivation of various crops such as corn, beans, rice, and vegetables. Through their network of 12 branches nationwide, they will be able to provide financing to their clients in rural areas.

    24 months
    6 months
    Maturity24 months
    Repayments6 months
      Fully funded in 6 days on 26 July 2021.
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      About the issuer


      General information:

      Borrower:                                           MiCrédito, S.A
      Country of operations:                      Nicaragua
      Head office:                                       Managua            
      Date of incorporation/Founded:     1/07/2004


      Information document of the issuer (for NL investors)

      Information note of the issuer (for BE investors)


      Project terms

      Currency:                                          EUR
      Amount:                                            500,000
      Maturity:                                           24 months, semi-annually and linearly amortizing
      Grace Period:                                   n.a.                       
      Interest rate:                                     5% p.a.



      MiCrédito Nicaragua is a non-deposit-taking Microfinance Institution (“MFI”) that serves customers at the bottom of the pyramid in Nicaragua. The current management team together with the largest shareholder in MiCrédito Panama (Mennonite Economic Development Associates or “MEDA”) have been involved in micro-lending in Nicaragua since 1990 when they established Fundación CHISPA, one of the most successful programs in micro-lending in Nicaragua. In 2000, CHISPA partnered with other investors to establish the first regulated MFI in the country (“CONFIA”) which grew to a 10-branch network with 70 staff members.

      In 2004, MEDA felt that it still had a role to play to promote financial inclusion in Nicaragua, particularly by providing improved levels of service and by targeting the underserved rural markets. That is the moment that, together with some of the key staff that participated in the original CHISPA, MiCrédito Nicaragua was created as a NGO. MiCrédito management dedicated over eight years to building institutional. In 2013 MiCrédito was approved by Nicaragua's new microfinance regulating body National Comission of Microfinance in Nicaragua (“CONAMI”).

      MiCrédito has 12 branches. The agents at the branches use a traditional personal approach, going door to door, visiting rural communities by motorcycle. MC also has an active digitization strategy, which has paid of during the COVID-19 crisis. Apart from a few remaining regulatory requirements in the KYC area, the company has entirely digitized its processes.


      Use of Proceeds / Loan purpose

      By financing EUR 500,000, MiCrédito seeks to finance micro entrepreneurial farmers engaged in the cultivation of various crops such as corn, beans, rice, and vegetables. Through our network of 12 branches nationwide, we expect to provide financing to 300 clients in rural areas.


      MiCrédito expects to impact clients as below:

      • To benefit 1,500 members of 300 families (average household size of 5 members in rural areas) who work in agricultural activities.
      • To ensure the food base of their families and for the majority of the population.
      • To generate direct and indirect 614 employees in rural areas due to agricultural activities.


      To create business solutions that include both social and financial support to Micro and Small Entrepreneurs, providing for a more prosperous future.


      To evolve into an institutional bank, in order to contribute to the economic and social development of the Micro and Small businesses in Central America

      COVID-19 Update

      At MiCrédito, we have been proactive in implementing measures that have contributed to the health of all employees and customers. Some of the actions carried out have been:

      •      Promoting the use of digital receipts in customer payments to avoid physical contact.
      •      Taking temperature and washing hands before entering branches and offices.
      •      Limiting the number of customers inside the branches to maintain social distancing.
      •      Working from home.
      •      Required use of masks and faceshields.
      •      Provision of cleaning and grooming kits to all personnel.
      •      Covid-19 prevention campaign on social networks.

      From a business point of view measures include temporary adjustments to the credit policy suspending disbursements to tourism businesses, hostels, hotels, restaurants and all those heavily affected by the pandemic. The credit disbursements were directed to finance businesses with high demand in their products and services for being basic necessities such as equipment and cleaning products, cleaning, hygiene and medicines.

      Management team

      Verónica Herrera - Chief Executive Officer (CEO)

      Veronica worked for Nicaragua’s People’s Bank and then began a career working with MEDA. She holds a degree in Public Accounting with a concentration in finance from the National University of Managua, Nicaragua.

      She has completed additional studies in Bank Management and has comprehensive knowledge of banking in Nicaragua. More recently, Verónica completed The Strategic Leadership for Microfinance Program at the Harvard Business School.

      Moises Valle Marenco – Chief Operating Officer (COO)

      He holds a degree in Public Accounting and Finance from the Universidad Evangélica Nicaragüense (UENIC) and has worked in a variety of managerial and accounting roles in several companies.

      Cesia Calderon – Chief Credit Officer (CCO)

      She has been in the microfinance industry for more than 14 years and has progressed through a number of roles, to become head of Credit in 2018. Graduated from UNICA, with a Degree in Business Economics and has a postgraduate degree in Advanced Finance.

      Grethel Meza Rivera – Chief Financial and Administrative Officer (CFO)

      Grethel has over 14 years of experience in finance and administration. She holds a Master's degree in Financial Management from the University of Barcelona (UB) in Barcelona, Spain and a Bachelor's degree in Business Administration, with a specialization in Banking and Finance from the Universidad Centroamericana (UCA).

      Lyann Urbina – Executive Assistant and Public Relations Officer

      She provides administrative support to the CEO and Board members. She also leads the Communication department and social performance of the institution, as the public relation officer. She has a Bachelor's degree in Social Communication from the Universidad Centroamericana (UCA) and joined MiCrédito team in 2016.

      Lucia Sanchez Valverde – Risk & Compliance Manager

      She is graduated from the UNI (National University of Engineers) with a degree in industrial engineering specializing in finances, human resources, marketing, and project development. She also has training in money laundering, terror financing, and risk management from United States Inter-American Community Affairs in Miami, FL.

      Yerly Salmeron - Head of Internal Audit

      Yerly joined the MiCrédito team in March 2015, but she had worked with the institution previously as a consultant on audits and internal monitoring. She holds a degree from the Universidad Nacional Autónoma de Nicaragua (UNAN-RUCFA) and is a registered public accountant and an active member of the Nicaraguan College of Public Accountants.


      In 2021, MiCredito was in the Top 3 of the best MFI in Central America and Dominican Republic.


      Company nameMiCrédito
      CEOVeronica Herrera Balladares


      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

      • Read the introduction of MiCrédito as a new investment opportunity here
      • Want to learn more about how financial inclusion can thrive entrepreneurship? Read here

      Wondering which other microfinance institutions we have in our portfolio? Check them out here.

      • With this investment 50 jobs are created
      • With this investment 700 people are reached

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      We have already contributed for MiCrédito

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