This story comes to us here at MicroCapital.org courtesy of the May 2007 CGAP-MIX Capital Markets Update Newsletter. The Banco de Microfinan̤as de Mozambique (Socremo) received a USD 500,000 loan from the US-based Dignity Fund. Socremo is an African bank that was established in 1998 “to provide – in a transparent, professional and sustainable way – financial services to low and middle income groups, with special focus on micro and small entrepreneurs.” At the end of 2005, Socremo reported to the MIX Market, the microfinance information clearinghouse, of having a gross loan portfolio USD 5.3 mn and USD 8 mn in total assets. It also reported to having a capital to asset ratio of 36.15% and a debt to equity ratio of 176.66%. The Dignity Fund was established in California in 2005 to provide debt financing “to promising MFIs.” As of March 2007, the Dignity Fund has total fund assets of approximately USD 5.5 mn.
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