MICROCAPITAL BRIEF: BBVA Microfinance Foundation’s Corporación para las Microfinanzas-Puerto Rico Appoints Annette M Montolo as President

The Corporación para las Microfinanzas Puerto Rico (Microfinanzas-PR), a microfinance institution (MFI) controlled by Banco Bilbao Vizcaya Argentaria Foundation (BBVA Microfinance Foundation) recently appointed Annette M Montolo as its new president.Mrs Montolo is a certified public accountant and formerly served as the president of the government-controlled Economic Development Bank for Puerto Rico (EDB). As president, Mrs Montolo will work to continue the MFI’s growth by providing microfinance products and services to greater numbers of low-income households in Puerto Rico.

Established in October 2008, Microfinanzas-PR began providing working capital loans in September 2010. The loans of USD 500 to USD 15,000 are disbursed to microenterprises. Microfinanzas-PR, which does not report to the US-based data Microfinance Information Exchange (MIX) and has not yet published a financial report, is financed by a partnership between Fundación BBVA Microfinanzas and EDB. Microfinanzas-PR belongs to the network of MFIs of the BBVA Microfinance Foundation, whose six members, as of December 2010, reported total loans outstanding of USD 450 million and 630,000 borrowers. The BBVA Foundation is comprised of the Caja de Ahorro y Credito Nuestra Gente of Peru; Banco de las Microfinanzas Bacamia of Colombia; Servicios Microfinancieros SA, which operates in Chile and Argentina; Microserfin of Panama; and Microfinanzas-PR.

By: Jacqueline Foelster, Research Associate

About Corporación para las Microfinanzas-Puerto Rico (Microfinanzas-PR): Established in October 2008, Microfinanzas-PR provides microenterprises with working capital loans ranging from USD 500 to USD 15,000. It is financed by a partnership between Fundación BBVA Microfinanzas and the government-controlled Economic Development Bank of Puerto Rico (EDB). Microfinanzas PR does not report to the data provider Microfinance Information Exchange (MIX) and has not yet published a financial report.

About Fundación BBVA Microfinanzas (BBVA Microfinance Foundation): BBVA Microfinance Foundation is a non-profit business that was created in May 2007 as an outgrowth of the corporate responsibility efforts of BBVA, a Spanish bank reporting 47 million customers worldwide as of September 2010. The goal of the foundation is to boost the economic and social development of disadvantaged people through access to productive microfinance. BBVA Microfinance Foundation does not report to the US-based data provider Microfinance Information Exchange (MIX).

About the Banco de Desarrollo Económico para Puerto Rico (Economic Development Bank for Puerto Rico – EDB): EDB is a government finance entity created to provide financial products to small and medium-sized businesses, with the intent of contributing to the creation and maintenance of jobs in order to support Puerto Rico’s economic development. According to its 2010 financial report, as of June 2010, EDB had total assets of USD 1.19 billion, total loan portfolio of USD 85.1 million and return on assets of 2.68 percent.

Sources and Resources:

[1] Fundacion Microfinanzas BBVA Press Release, February 10, 2011, http://mfbbva.org/castellano/prensa/noticia/article/74/89.html?no_cache=1&cHash=ee2baef753

MicroCapital Universe: Corporación para las Microfinanzas-Puerto Rico (Microfinanzas-PR), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Corporaci%C3%B3n+para+las+Microfinanzas-Puerto+Rico

MicroCapital Universe: Fundación BBVA Microfinanzas, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fundaci%C3%B3n+BBVA+Microfinanzas

MicroCapital Universe: Banco de Desarrollo Económico para Puerto Rico (Economic Development Bank for Puerto Rico – EDB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Banco+de+Desarrollo+Econ%C3%B3mico+para+Puerto+Rico

MicroCapital.org Article, December 15, 2009, “Fundación BBVA Microfinanzas, Microfinance Arm of Banco Bilbao Vizcaya Argentaria (BBVA), to Begin Operating in Brazil and Mexico”, https://www.microcapital.org/microcapital-brief-fundacion-bbva-microfinanzas-microfinance-arm-of-banco-bilbao-vizcaya-argentaria-bbva-to-begin-operating-in-brazil-and-mexico/

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

Similar Posts: