Swiss company responsAbility Social Investments AG (responsAbility) recently reported to MicroCapital that it has made loans to Latin American microfinance institutions (MFIs) Banco Solidario of Ecuador and Interactuar of Colombia. Banco Solidario received a total of USD 2.25 million disbursed through two microfinance investment vehicles (MIVs) managed by responsAbility: USD 2 million through the responsAbility Global Microfinance Fund (rAGMF) and the remaining USD 500,000 through responsAbility Mikrofinanz-Fonds (rAMF). Interactuar received the local-currency equivalent of approximately USD 2 million, half of which was disbursed through rAGMF and the other half through rAMF.
Established in 1995 in Ecuador, Banco Solidario is a microfinance institution (MFI) that serves rural and urban microentrepreneurs. Its services include loans, voluntary savings, insurance and fund transfer services. In June 2011, Banco Solidario reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 317 million, a gross loan portfolio of USD 229 million, return on assets (ROA) of 2.09 percent and return on equity (ROE) of 15.11 percent. It reported 133,500 active borrowers as of December 2010.
Established in 1983, Interactuar is a microfinance institution (MFI) based in Colombia. It offers a range of financial and business development services to support entrepreneurs, including training and advisory programs and loans for assets and working capital. As of 2010, Interactuar reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 51.1 million, a gross loan portfolio of USD 42.9 million, ROA of 3.58 percent, ROE of 10.03 percent and 30,180 active borrowers.
By Kristha Abores, Research Associate
About Banco Solidario:
Established in 1995 in Ecuador, Banco Solidario is a microfinance institution (MFI) that serves rural and urban microentrepreneurs. Its services include loans, voluntary savings, insurance and fund transfer services. In June 2011, Banco Solidario reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 317 million, a gross loan portfolio of USD 229 million, return on assets (ROA) of 2.09 percent and return on equity (ROE) of 15.11 percent. It reported 133,500 active borrowers as of December 2010.
About Interactuar:
Established in 1983, Interactuar is a microfinance institution (MFI) based in Colombia. It offers a range of financial and business development services to support entrepreneurs, including training and advisory programs and loans for assets and working capital. As of 2010, Interactuar reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 51.1 million, a gross loan portfolio of USD 42.9 million, return on assets of 3.58 percent, return on equity of 10.03 percent and 30,180 active borrowers.
About responsAbility Social Investments AG (responsAbility):
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 responsAbility Mikrofinanz-Fonds (rAMF):
Mikrofinanz-Fonds is a microfinance investment vehicle (MIV) that was launched in 2007, is managed by responsAbility Social Investments AG of Switzerland and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf. It invests in short to medium-term income-bearing debt securities of microfinance institutions (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. Mikrofinanz-Fonds reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 141 million in 2011.
About Bank im Bistum Essen eG (BiB):
Founded in 1966, Bank im Bistum Essen eG (BiB) is an “ethically oriented” German cooperative bank. Since 2007, BiB has supported poverty alleviation through global financial inclusion by funding microfinance institutions directly as well as through its Lux-Flag labelled microfinance investment vehicles KCD-Mikrofinanzfonds I “Global” and KCD Mikrofinanzfonds II “Lateinamerika.” Total outstanding microfinance investments managed directly by BiB reportedly total approximately USD 100 million. BiB is also co-initiator of the responsAbility Mikrofinanz-Fonds and investment advisor to the Dual Return – Vision Microfinance funds.
Sources and Additional Resources:
[1] Information submitted by responsAbility Social Investments AG to MicroCapital
MicroCapital.org article, October 17, 2011, “MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund Lends $2.3m to Microfinance Institutions (MFIs) Coopronaranjo of Costa Rica, Fundación Amanecer of Colombia, COAC Esperanza y Progreso Del Valle of Ecuador”,https://www.microcapital.org/microcapital-brief-responsability-global-mic…
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-to-procredit-bank-of-moldova-foundation-for-international-community-assistance-finca-russia-finca-jordan/
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: responsAbility Mikrofinanz-Fonds, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds
MicroCapital Universe Profile: Bank im Bistum Essen eG (BiB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bank+im+Bistum+Essen+eG+%28BiB%29
MicroCapital Universe Profile: Banco Solidario, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ban…
MicroCapital Universe Profile: Interactuar, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Interactuar
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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