Cooperativa de Ahorro y Crédito Maquita Cushunchic, a financial institution founded by women in Ecuador, recently accepted a loan of USD 2 million from Aequitas, a fund managed by a holding of Desjardins International Development (DID), which in turn is a member of the Canada-based cooperative Desjardins Group. Maquita Cushunchic, which mainly serves micro- and small enterprises, was founded in 1997 and since has grown to serve 11,000 members with an average loan size of USD 7,400.
Aequitas was founded in 2021 with a volume of CAD 50 million (USD 37 million). DID was established in 1970 to promote economic development in low- and moderate-income countries. As of 2023, the NGO works in 30 countries in Africa, Asia and Latin America. Desjardins Group serves 7.5 million customers and reports total assets of CAD 407 billion (USD 302 billion) as of 2022.
By Elva Montelongo, Research Associate
Sources and Additional Resources
Direct contact with DID
Maquita Cushunchic homepage
https://www.maquita.fin
Maquita Cushunchic financial statements
https://www.maquita.fin.ec/estado-financiero/
Desjardins Group homepage
https://www.desjardins.com
Desjardins Group financial reports
https://www.desjardins.com/ca/about-us/investor-relations/annual-quarterly-reports/index.jsp
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: Desjardins Lending $1m from Aequitas Impact Fund to ADIGUA to Expand Microfinance Loans in Guatemala
- MICROCAPITAL BRIEF: Aequitas Impact Fund Loans $1.7m to Sipem Banque to Boost Microfinance in Madagascar
- MICROCAPITAL BRIEF: Microfinance Institution 4 de Octubre Borrows $1.5m from Aequitas Fund for Onlending in Ecuador
- MICROCAPITAL BRIEF: DID Loaning $2m from Aequitas Fund to Faces Microfinanzas for Microfinance in Ecuador
- MICROCAPITAL BRIEF: Microfinance Institution Fundeser of Nicaragua Borrows $1m from Aequitas, Marking Fund’s 1st Disbursement
