responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it has made loans totaling approximately USD 5.8 million to microfinance institutions (MFIs) in Ecuador, Peru and El Salvador.
The responsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle (MIV) managed by responsAbility, invested USD 3 million in Banco Solidario, an Ecuadorian MFI [1]. In 2009, Banco Solidario reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 298 million, a gross loan portfolio of USD 216 million, approximately 126,300 borrowers, return on assets (ROA) of 0.7 percent and return on equity (ROE) of 5.7 percent.
An investment of USD 500,000 was made by rAGMF into another Ecuadorian MFI, Fundación de Apoyo Comunitario y Social del Ecuador (FACES) [1]. In 2009, FACES reported to MIX total assets of USD 3 million, a gross loan portfolio of USD 2.9 million, approximately 3,900 borrowers, ROA of 7.2 percent and ROE of 11 percent.
In Peru, rAGMF invested approximately PEN 4.9 million (USD 1.8 million) in Edpyme Alternativa, a non-banking financial institution (NBFI) [1]. In 2009, Edpyme Alternativa reported to MIX total assets of USD 30 million, a gross loan portfolio of USD 21 million, approximately 23,800 borrowers, ROA of 3.6 percent and ROE of 19.3 percent.
In El Salvador, rAGMF invested USD 500,000 in Apoyo Integral, an NBFI [1]. In 2009, Apoyo Integral reported to MIX total assets of USD 66.5 million, a gross loan portfolio of USD 59.4 million, approximately 29,400 borrowers, ROA of 0.09 percent and ROE of 0.59 percent.
By Medha Ravi, Research Associate
About responsAbility Social Investments AG:
Founded in 2003, responsAbility Social Investments AG of Switzerland is an investment company whose products aim to enable investors to earn a financial return while assisting people in developing countries and emerging markets to access markets, information and other services in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. According to calculations based on data from the Microfinance Information Exchange (MIX) from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets. 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):
rAGMF is a microfinance vehicle (MIV) managed by responsAbility that invests in microfinance institutions (MFIs) and microfinance investment vehicles (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 2010, 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 Microfinance Information Exchange (MIX), the microfinance information clearinghouse, that it had USD 474 million in fund assets as of 2010.
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 2009, Banco Solidario reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 298 million, a gross loan portfolio of USD 216 million, approximately 126,300 borrowers, return on assets (ROA) of 0.7 percent and return on equity (ROE) of 5.7 percent.
About Fundación de Apoyo Comunitario y Social del Ecuador (FACES) :
Fundación de Apoyo Comunitario y Social del Ecuador (FACES) is a nongovernmental organization (NGO) that was established in 1991 in Ecuador. The organization’s mission is to combat poverty and unemployment in rural and urban communities by promoting the development of microenterprises through the provision of customized financial services. In 2009, FACES reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 3 million, a gross loan portfolio of USD 2.9 million, approximately 3,900 borrowers, return on assets (ROA) of 7.2 percent and return on equity (ROE) of 11 percent.
About Edpyme Alternativa:
Established in 2001 in Peru, Edpyme Alternativa is a non-banking financial institution (NBFI) that serves micro- and small-scale entrepreneurs in Lima and the northern and northeastern regions of Peru. In addition to loans, Edpyme Alternativa provides disability and life microinsurance to its clients. In 2009, Edpyme Alternativa reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 30 million, a gross loan portfolio of USD 21 million, approximately 23,800 borrowers, return on assets (ROA) of 3.6 percent and return on equity (ROE) of 19.3 percent.
About Apoyo Integral:
Apoyo Integral is a microfinance institution (MFI) that was established in El Salvador in 1990. Apoyo Integral provides access to financial services, including microcredit and microinsurance, to poor individuals. In 2009, Apoyo Integral reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 66.5 million, a gross loan portfolio of USD 59.4 million, approximately 29,400 borrowers, return on assets (ROA) of 0.09 percent and return on equity (ROE) of 0.59 percent.
Source and Resources:
[1] Data submitted by responsAbility Social Investments AG to MicroCapital, February 2011
MicroCapital.org story, January 10, 2011, “MICROCAPITAL BRIEF: responsAbility Social Investments of Switzerland Makes Loans Totaling $13m to Banco Continental of Paraguay, Financiera Confianza of Peru”, https://www.microcapital.org/microcapital-brief-responsability-social-investments-of-switzerland-makes-loans-totaling-13m-to-banco-continental-of-paraguay-financiera-confianza-of-peru/
MicroCapital.org story, February 4, 2011, “MICROCAPITAL BRIEF: responsAbility Social Investments of Switzerland Makes Loans Totaling $10m to FINCA International Subsidiaries in Azerbaijan, Russia, Ecuador and Mexico”, https://www.microcapital.org/microcapital-brief-responsability-social-investments-of-switzerland-makes-loans-totaling-10m-to-finca-international-subsidiaries-in-azerbaijan-russia-ecuador-and-mexico/
MicroCapital’s Microfinance Universe Profile: responsAbility Social Investments AG
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital’s Microfinance Universe Profile: responsAbility Global Microfinance Fund (rAGMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29
MicroCapital’s Microfinance Universe Profile: Banco Solidario, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Banco+Solidario
MicroCapital’s Microfinance Universe Profile: Fundación de Apoyo Comunitario y Social del Ecuador (FACES), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fundacion+de+Apoyo+Comunitario+y+Social+del+Ecuador+%28FACES%29
MicroCapital’s Microfinance Universe Profile: Edpyme Alternativa, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Edpyme+Alternativa
MicroCapital’s Microfinance Universe Profile: Apoyo Integral, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Apoyo+Integral
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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