Monday, July 11, 2011

Fundacion Alternativa posts their first loan!

Fundación Alternativa is an Ecuadorian nonprofit organization that was founded May 27, 1991. Their focus is to foster entrepreneurship and provide sustainable financial and non-financial services to satisfy social, economic, and land growth with the goal of improving the quality of life for vulnerable people, their families, and communities. To achieve this, Fundación Alternativa has developed various strategies that are intimately connected: Microfinance, Continuing Education and Training, Technical Assistance, Boosting and Strengthening Chains of Production, and Local Economic Development. Since 1991, Fundación Alternativa has promoted strengthening the microfinance industry through the creation of the first bank specializing in microfinance in Ecuador, and later through the creation of the first training center specializing in the transfer of microcredit methodology. The microcredit program is 10 years old and has 12 microcredit products.

Their products reach the urban, rural and marginalized sectors of the provinces of Pichincha, Santo Domingo de los Tsáchilas, Cotopaxi and Imbabura. The Fundacion’s clients are 62% women and 56% are based in rural areas. Individual loans are about 60% of their portfolio, with individual loans covering 40%.

Please join me in welcoming Fundacion Alternativa to Kiva!

Check out Kate Bennett (KF15) blog post, Migration and Microloans to learn more about Fundación Alternativa’s projects.