MICROCAPITAL STORY: ResponsAbility Global Microfinance Fund of Switzerland Lends over USD 2.1 Million to Fondesurco, Fundación ESPOIR and LOKMicro

The Microfinance Capital Markets Newsletter of the Consultative Group to Assist the Poor (CGAP) and the MIX, the microfinance information clearinghouse, reported responsAbility Global Microfinance Fund, a Luxembourg-based fund, has booked a series of loans totaling over USD 2.1 million to three microfinance institutions (MFIs). Fondo de Desarrollo Regional (Fondesurco) and Fundación ESPOIR, two Latin American MFIs, borrowed USD 200,000 each. LOKMicro, a MFI based in Eastern Europe, received a loan of approximately USD 1.7 million. The three separate transactions occurred in August of this year.

Fondo de Desarrollo Regional (Fondesurco), based in Peru, was founded in 1994. According to Fondesurco’s most recent “financial data” on the MIX, the MFI had total assets of equivalent USD 2.2 million which consisted of a gross loan portfolio of equivalent USD 2.1 million. Return on assets for the MFI was 5.13% and it had return on equity of 10.12%. At the end of 2006, Fondesurco serviced 1,818 active borrowers. Fondesurco primarily grants credit for activities in the rural sector of southern Peru.

Fundación ESPOIR, based in Ecuador, was founded in 1992 to contribute to the economic and social development and health of poor female microentrepreneurs. According to its most recent “financial data” on the MIX, Fundación ESPOIR had total assets of equivalent USD 7.1 million, consisting of a gross loan portfolio of equivalent USD 6.6 million. Return on assets was 6.55% and return on equity was 25.73%. At the end of 2006, Fundación ESPOIR serviced 15,329 active borrowers of which 100% are women.

LOKMicro, a Bosnia-based MFI, was founded in 1997 to provide financial support to disadvantaged individuals and to help them improve their and standard of life through microentrepreneurship. As of March 2007, LOKMicro serviced 13,880 active borrowers with loans of approximately equivalent USD 2,400 in size. LOKMicro’s second quarter “financial data” on the MIX, indicates had total assets of equivalent USD 36.8 million, consisting of a gross loan portfolio of equivalent USD 33.5 million. As of December 2006, return on assets was reported at 3.84% with a return on equity of 22.36%.

By Steven Craig

Additional Resources:

CGAP: “List of Recent Transactions”

MIX Market: “Profile for Fondesurco”

MIX Market: “Profile for Fundación ESPOIR”

MIX Market: “Profile for LOKMicro”

MicroCapital.org article, September 3, 2007: “MICROCAPITAL STORY: ResponsAbility Global Microfinance Fund of Switzerland Loans over USD 1.1 Million to Unión de Crédito Interestatal Chiapas (Unicreich) of Mexico and PRESTANIC of Nicaragua”

MicroCapital.org article, April 6, 2007: “MICROCAPITAL STORY: ResponsAbility Lends USD 3.9 Million to 7 Latin American Microbanks: FDL, ADMIC, PRESTANIC, ProCredit Ecuador, AMC-SV, Fundación Campo, Corporación de Productores Café.”

MicroCapital.org article, November 3, 2006: “MICROCAPITAL STORY: The ResponsAbility Global Microfinance Fund Distributes Loans to Various Microfinance Institutions in Latin America”

Similar Posts: