Source: Unitus.
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MICROCAPITAL STORY: Omidyar Network Granting $9m to Microfinance Non-Profit Unitus
Omidyar Network, a philanthropic investment firm begun by the founder of eBay, has announced a three-year grant of USD 9 million in Unitus, a Seattle-based non-profit that facilitates access to capital and consulting services to high-potential microfinance institutions (MFIs).
PRESS RELEASE: Unites States: Omidyar Makes Largest Grant to Date in Microfinance: $9m to Unitus
Source: Unitus.
MICROCAPITAL STORY: Unitus Inc., a U.S. Nonprofit, Doubles Reach of Its Global Microfinance Partner Network in 2007
Unitus Inc., an American nonprofit committed to poverty relief through microfinance facilitation, has announced that the number of clients reached by its network of microfinance partners surpassed 3 million for the first time.
PRESS RELEASE: Unitus Convenes Microfinance, Business and Philanthropic Leaders to Scale the Effort to Reduce Global Poverty
MICROCAPITAL STORY: What Are the Total Global Assets in Microfinance? Leading Sources Weigh In: MIX, Microcredit Summit, MicroBanking Bulletin (MBB), ACCIÓN, Microfinance Gateway, BlueOrchard, UNCDF, Unitus, CGAP
Numerous challenges hinder the spread of accurate information on microfinance. Due to the lack of transparency of many microfinance providers, much information is never publicly disclosed. Much of the information that is reported is obsolete and outdated—often two or more years old. As there is limited and inconsistent regulation of microfinance providers, third party confirmation of data is often not required, and providers have little incentive to verify their own figures. Essentially, there is no standardized system to which all microfinance providers report and from which accurate information can be retrieved. Thus, the task of determining a basic statistic—such as the total amount of assets invested in microfinance worldwide—can prove nearly impossible. Calculating this figure requires a worldwide census of microfinance institutions (MFIs), coops, government banks, credit unions, self-help groups, etc. Needless to say, no such census exists.
PRESS RELEASE: Unitus Announces Partnership With MokshaYug Access to Expand “Microfinance Plus” Services
MICROCAPITAL STORY: Women’s Apparel Company Shabby Apple Pairs up With Unitus to Increase Microfinance Services in India
Shabby Apple, a designer dress company based in Salt Lake City, Utah, is releasing their new fall line of fashions, and will be donating 5 percent of its proceeds to Unitus, a non profit organization dedicated to alleviating poverty by increasing access to microfinance. The money will specifically be utilized to aid women entrepreneurs in India.
MICROCAPITAL STORY: Unitus Forms Three new Partnerships with Microfinance Institutions in India with Adhikar, IIRM, and Vardan Trust
Unitus, a non-profit consultancy and venture capital firm, has announced three new microfinance institutions (MFIs) in India which it will bring under its wing as partners. By doing so Unitus will provide consultancy advice and financial support, aiming to accelerate the growth of each organisation, and by 2010 expects them to collectively serve more than 650,000 clients; a combined growth of nearly 1000%. Unitus partners are selected for their operational strength, growth strategies and leadership vision. Geof Davis, president and CEO of Unitus, has said that Adhikar, the Institute of Integrated Resource Management (IIRM), and Vardan Trust have all been chosen as they “embrace our philosophy of rapid, high impact growth.”
Unitus Arranges Loan for MBK Ventura, an Indonesian Microfinance Institution, with The Dignity Fund and MicroCredit Enterprises
Unitus, a non-profit consultancy and venture capital firm, has recently announced a USD 1.2mm equivalent loan it has arranged for MBK Ventura, an Indonesian microfinance institution (MFI), 3 months after the organisation became a Unitus partner. The loan, structured in Indonesian rupiah, is made up of two USD 600,000 contributions from The Dignity Fund, LP, a microfinance fund based in California, and MicroCredit Enterprises, a non-profit organisation also based in California. Unitus have said that the loan is being provided at “an affordable interest rate” although avoided giving the exact rate.
Unitus Partners with Credex to Expand Access to Microfinance in Mexico
Unitus, a nonprofit organization committed to fighting global poverty through microfinance, will partner with Credex, a MFI in Mexico. Unitus was founded in 2000, by Bob Gay, Mike Murray, Joseph Grenny and Todd Manwaring, and is dedicated to providing capital investments and consulting services to financially sustainable MFIs worldwide. As of 2006, Unitus had 10 MFI partners worldwide serving more than 820,000 poor clients and as of December 2006, the Unitus portfolio of partners provided loans to 1.2 million micro-entrepreneurs and their families in India, Kenya, Mexico, Argentina, the Philippines and Indonesia. The details of the partnership between Credex and Unitus have not been announced. Credex, founded in 2002, targets the working poor in southwestern and central Mexico and has plans to expand across the nation. Since its establishment Credex has disbursed over 30,000 loans and currently serves close to 12,000 active borrowers with a $5 million loan portfolio. Credex does not report to the MIX Market, the microfinance information clearinghouse and no other information is publicly available about its performance. The partnership hopes to bring life-changing financial services to more than 82,000 customers by 2009, an increase from 12,000 today. Credex is Unitus’s second microfinance partner in Mexico, along with Pro Mujer Mexico.
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US-Based Unitus Partners with Indonesian MBK Ventura to Expand Access to Microfinance
According to a Press Release, Unitus, a US nonprofit organization supporting microfinance internationally, reached a partnership agreement with MBK Ventura, the Indonesian microfinance institution formerly known as Ganesha. Unitus will provide financial support and consulting services to help MBK Ventura expand its client base to 240,000 borrowers. As of September of 2006, MBK has 25,623 active borrowers. Unitus will provide MBK Ventura with a USD 170,000 grant to support capacity-building projects such as technological improvements and staff training. Unitus will also take a seat on MBK Ventura’s Board.
Who’s Who in Microfinance: Unitus
Unitus, a US nonprofit organization supporting microfinance internationally, was founded in 2000 by Bob Gay, Mike Murray, Joseph Grenny and Todd Manwaring with the goal of fighting global poverty through increasing access to microfinance. Unitus provides capital investments and consulting services to financially sustainable MFIs worldwide. As of May 2006, Unitus has ten MFI partners in Mexico (Pro Mujer), Argentina (FIS) and India (ASA-GV, Bandhan, BSS, Grameen Koota, SKS, Swadhaar, Ujjivan) that, as of March 31, 2006, combined to have a total gross portfolio of USD 49.6 mn.
Unitus Announces Partnership with Filipino Microfinance Institution, Lifebank Foundation
The Microfinance Gateway recently announced that Unitus, a global non-profit organization which assists microfinance institutions (MFIs) with accessing market capital, is entering into a new partnership with the Filipino microfinance institution (MFI) Lifebank Foundation. Unitus will provide the organization with a $250,000 grant as well as consulting services. The partnership will help the MFI expand its senior management, implement new management information systems technology, and expedite its conversion to a for-profit bank. Unitus will also take a seat on Lifebank’s board of directors.
Unitus Releases the Details of Its Efficiency-Enhancing Initiative Funded for $1.46m by the Gates Foundation
Unitus, a global non-profit organization which assists microfinance institutions (MFIs) with accessing market capital, officially announced a USD 1.46 million grant from the Bill and Melinda Gates Foundation. The grant money will fund a new project geared toward enhancing efficiency within the microfinance industry. Unitus will analyze the business practices four of its “partner MFIs,” and recommend steps to improving their overall business efficiency. The ultimate goal is to create a report at the end of the three-year project which will provide insight into efficiency-enhancing measures that can be utilized by MFIs across the globe. According to Unitus’ overview of the project, the four MFIs which most likely will be researched are Grameen Koota (from India), Bandhan (also Indian), Pro Mujer Mexico, and Fondo Inversion Social (Argentina).
Unitus Equity Fund Makes $1 Million Investment in Microfinance Institution Credex
The Unitus Equity Fund invested $1 million in Credex. The for-profit microfinance institution began in 2002 as a financial services provider for Mexico’s poor. According to a Credex press release, it has fifteen branches serving 12,000 clients, and manages a $5 million loan portfolio. The company does not report to MIX Market, the microfinance information clearinghouse.
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The Gates Foundation Donates $1.46 million to Seattle Area Based Microfinance Network Unitus for Further Investment in Microcredit Initiatives
The Bill and Melinda Gates Foundation donated $1.46 million to Seattle area based Unitus, a non-profit microfinance network investing in small and medium-sized MFIs, thereby subsidizing microfinance investment in Unitus partners. The Gates Foundation donation will be funding research on how to increase operational efficiency in four of Unitus’ nine microfinance institution partners in Latin America and India, with the aim to achieve a 10% gain in efficiency within three years. Information on which Unitus partners will benefit from this donation is not currently available.
Unitus Equity Fund, Bellwether Microfinance Fund and the Dell Foundation Make Microfinance Investment in Indian Ujjivan Financial Services
Unitus Equity Fund (UEF) and the Michael & Susan Dell Foundation (MSDF) are financing Ujjivan Financial Services Private Limited, a microfinance institution (MFI) offering microloans to India’s urban poor. With its investment of about $296,000, UEP will gain a 24% ownership stake in Ujjivan. MSDF will possess a 13.8% stake, and the Bellwether Microfinance Fund will continue its support of Ujjivan by taking a 12.6% stake.
Ujjivan reported net current assets of 11,359 thousand rupees ($249,000) as of March 31,2005 and a net loss of 830 thousand rupees ($18,200) for the last quarter. However, it does not report to the MIX Market, the microfinance information clearinghouse. The gaze of the microfinance sector in India is focused on rural India even though the population of urban poor is estimated to equal 106 million, 30% of the total urban population. Ujjivan believes the key difference between the urban and rural populations is lack of time and availability of space, not stability or community affinity, and is tailoring its products to serve the population of around 2 million urban poor in the city of Bangalore. Two driving reasons for borrowing by women in this segment, according to Ujjivan’s market research, are providing family housing and business working capital.
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