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Banco de la Gente Emprendedora (BANGENTE), C.A.

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Banco de la Gente Emprendedora (BANGENTE), C.A.

Mission statement:

BanGente is dedicated to ensuring the economic success of the entrepreneurs of Venezuela by providing credit and other financial services to self-employed individuals who, due to the small scale of their businesses, lack access to the traditional banking sector.

Profile:

Currently, around 8.5% of Venezuelans are unemployed (CIA World Factbook, 2008). Just over a third of the population lives below the poverty line (CIA World Factbook, 2005). In addition, over 52 percent of the economically active population works in the informal sector. Before BanGente's inception, the demand for microcredit had been virtually unmet as few sources of legal financing were readily available to Venezuela's estimated two million microentrepreneurs.

History:

Under the auspices of a technical assistance agreement, ACCION International began working to establish BanGente in 1997. ACCION's technical assistance team played an integral role in implementing the bank's credit methodology that emphasizes both solidarity group and individual lending. BanGente, the first commercial bank serving small- and micro-enterprises in Venezuela, opened its doors to the public in February 1999.

KEY Facts:

Number of Active Clients: 44,358
Active Portfolio: $ 101,030,000
Range of First Loans: $ $556 - $1,845
Average Loan Size: $3,011
Portfolio at Risk: 1.71%

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