Another new MFI, this one in Ecuador!
Fundacion Alternativa
http://www.kiva.org/partners/190Fundación Alternativa is an Ecuadorian nonprofit organization, founded May 27, 1991, with the purpose of propelling entrepreneurship and providing sustainable financial and non-financial services to satisfy social, economic, and land development with the goal of improving the quality of life for vulnerable people, their families, and communities. To achieve this, Fundación Alternativa has developed various strategies that are intimately connected: Microfinance, Education and Training and Continuing, Technical Assistance, Boosting and Strengthening Chains of Production, and Local Economic Development. Since 1991, Fundación Alternativa has promoted strengthening the microfinance industry through the creation of the first bank specializing in microfinance in Ecuador, and then through the creation of the first training center specializing in the transfer of microcredit methodology. The microcredit program is 10 years old and has 12 microcredit products. Our products reach the urban, rural and marginalized sectors of the provinces of Pichincha, Santo Domingo de los Tsáchilas, Cotopaxi and Imbabura. We are proud to share some of our social indicators as of December 2010. Percentage of women clients -62% ; rural clients – 56%. Financial inclusion: our social impact rating has signaled that the Fundación makes important efforts to reach the poor and excluded populations in Ecuador.
The first loan is already funded, but I hear that more should be coming!
