Swiss company responsAbility Social Investments AG (responsAbility) recently reported to MicroCapital that it has made loans to three Latin American microfinance institutions (MFIs): USD 1.5 million to Coopronaranjo of Costa Rica, USD 500,000 to Cooperativa de Ahorro y Credito Esperanza y Progreso del Valle (COAC Progreso) of Ecuador and the local currency equivalent of USD 374,000 to Fundación Amanecer of Colombia. The loans were disbursed through the responsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle (MIV) managed by responsAbility.
Founded in 1968, Coopronaranjo is a cooperative of coffee growers in the county of Naranjo in Costa Rica. It aims to “improve the standard of living for its members, collaborators, and the community in general, by applying coffee production, processing, and marketing processes in an effective, efficient, and sustainable manner.” It provides loans and other services to its members, including marketing, exporting and quality control. Coopronaranjo does not report to the US-based nonprofit Microfinance Information Exchange (MIX) and financial data on the organization is not otherwise available.
Established in October 1994, Fundación Amanecer is a microfinance institution based in Casanare, Colombia. It seeks to contribute to increased economic productivity in the Orinoquia region by providing training and promoting entrepreneurship. As of December 2010, Fundación Amanecer reported to MIX total assets of USD 10.1 million, a gross loan portfolio of USD 9 million, return on assets (ROA) of 10 percent and return on equity (ROE) of 19.12 percent.
Founded in 2005, COAC Progreso is a microfinance institution (MFI) based in Pichincha, Ecuador. As of 2007, the latest year for which data is available, COAC Progreso had USD 389,000 in total assets.
Managed by responsAbility, rAGMF invests in microfinance institutions (MFIs) and other MIVs, mostly through short- to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 532 million in 2011.
By Kristha Abores, Research Associate
About responsAbility Social Investments AG:
Founded in 2003, responsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.
About responsAbility Global Microfinance Fund (rAGMF):
The responsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by responsAbility Social Investments that invests in microfinance institutions (MFIs) and other MIVs, mostly through short- to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 532 million in 2011.
About Coopronaranjo:
Founded in 1968, Coopronaranjo is a cooperative of coffee growers in the county of Naranjo in Costa Rica. It aims to “improve the standard of living for its members, collaborators, and the community in general, by applying coffee production, processing, and marketing processes in an effective, efficient, and sustainable manner.” It provides loans and other services to its members, including marketing, exporting and quality control. Coopronaranjo does not report to the US-based nonprofit Microfinance Information Exchange (MIX) and financial information on the organization is not otherwise available.
About Fundación Amanecer:
Established in October 1994, Fundación Amanecer is a microfinance institution based in Casanare, Colombia. It seeks to contribute to increased economic productivity in the Orinoquia region by providing training and promoting entrepreneurship. As of December 2010, Fundación Amanecer reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 10.1 million, a gross loan portfolio of USD 9 million, return on assets of 10 percent and return on equity of 19.12 percent.
About COAC Esperanza y Progreso Del Valle (COAC Progreso):
Founded in 2005, Cooperativa de Ahorro y Credito Esperanza y Progreso del Valle (COAC Progreso) is a microfinance institution (MFI) based in Pichincha, Ecuador. As of 2007, the latest year for which data is available, COAC Progreso had USD 389,000 in total assets.
Sources and Additional Resources:
[1] Information submitted by responsAbility Social Investments AG to MicroCapital, October 2011.
MicroCapital.org article, September 26, 2011, “MICROCAPITAL BRIEF: responsAbility Loans $9.2m to Microfinance Institutions FINCA of Mexico, IDEPRO of Bolivia, EDPYME Alternativa of Peru, D-Miro of Ecuador”, https://www.microcapital.org/microcapital-brief-responsability-loans-9-2m…
MicroCapital.org article, July 14, 2011: “MICROCAPITAL BRIEF: responsAbility Loans $27m to Microfinance Institution Prizma of Bosnia and Herzegovina; Russia’s Forus Bank, NBD Bank, FINCA Russia”, https://www.microcapital.org/microcapital-brief-responsability-loans-27m-…
MicroCapital.org article, June 16, 2011: “MICROCAPITAL BRIEF: responsAbility Loans $6m to ProCredit Bank of Moldova, Foundation for International Community Assistance (FINCA) Russia, FINCA Jordan”, https://www.microcapital.org/microcapital-brief-responsability-loans-6m-t…
MicroCapital Universe Profile: responsAbility Social Investments AG, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=res…
MicroCapital Universe Profile: responsAbility Global Microfinance Fund (rAGMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=res…
MicroCapital Universe Profile: Coopronaranjo https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Coopronaranjo
MicroCapital Universe Profile: Fundación Amanecer, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fundaci%C3%B3n+Amanecer
MicroCapital Universe Profile: COAC Esperanza y Progreso Del Valle (COAC Progreso), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=COAC+Esperanza+y+Progreso+Del+Valle+%28COAC+Progreso%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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