Number of Clients: 2,500
Number of Employees: 30
Average Loan Size: overall approximately US $1,000 with 75% of loans under $1,000 and averaging US $355
Current Offices: Rubenia, Cuidad Jardin, León and Teustepe (see map)
Future Offices: Estelí, Chinandega, Matagalpa, Rio Blanco and Masaya (see map)
- MiCrédito profitable after only 15 months of operations
- MiCrédito grew its portfolio of loans receivables 140% in its second year of operation and an additional 110% in its third year. Strong growth is expected to continue during the next five years as the branch network expands from 4 to 9 offices.
- The management team has a combined 40 years of management experience at the helm of Chispa and CONFIA and have led during a significant branch expansion at this organization.
- The board is made of internationally seasoned investors and microfinance experts assisting MiCrédito in its growth. They bring the MEDA network of investors with them as well as the strength and support of the Canadian-based organization.
- MiCrédito has built a strong and loyal client-base based on a competitively-priced credit product for small commercial entrepreneurs and agricultural producers in Nicaraguan. The organization relies on best in class credit analysts that go the extra mile in providing excellent customer service. It relies on efficient processes that give credit decisions on completed applications for amounts less than US$5,000 in 36 to 48 hours while decisions for credits on completed applications between US$5,000 and US$20,000 typically take an additional 24 hours. The speed, convenience, competitive interest rates and excellent customer service is what attracts customers to MiCrédito and has led to MiCrédito in taking leading positions especially with rural borrowers in Teustepe and León in such a short amount of time.