ACCION Global Bridge Fund Extends $1 Million Loan Guarantee for Fundusz Mikro

Fundusz Mikro, the Polish microfinance institution, will apply the guarantee towards a $1.5 million credit line negotiated with commercial bank Fortis. The ACCION Global Bridge Fund started as an offshoot of ACCION Latin America Bridge Fund in 2005. It provides short-term debt guarantees of 18-60 months to microfinance institutions worldwide. This helps to increase access to capital to the microfinance industry as a whole. Rates of interest for which debt is guaranteed ranges from 1.625% to 2.875%, depending on time to maturity, while the minimum guarantee amount is $2,000. The Global Bridge Fund had capitalization at mid-year 2006 of $2.89 million, while the Latin America Bridge Fund stood at $4.35 million. ACCION International was founded in 1961 as a nonprofit microfinance network. According to its key statistics, its partners have made $9.4 billion in loans to about 4 million people since 1996.

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