Nicaragua-based ACODEP received a USD 2 mm loan from Oikocredit and a USD 500,000 loan from responsAbility Global Microfinance Fund. ACODEP intends to use the funds to build its client base from the current 51,444 to 118,000 by 2009. ACODEP, or Asociación de Consultores para el Desarrollo de la Peque̱a, Mediana y Microempresa, began in 1990 with a focus on providing microloans to Nicaragua’s urban poor. According to the MIX Market, the microfinance clearing house, ACODEP had assets of USD 19.5 million and a loan portfolio worth USD 15.8 million. In addition, its debt to equity was 309% and return on assets stood at 8.9 %.
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