|
|
|
|
Additional information |
|
Bancosol S.A. |
|
|
Mission statement:
“We are the bank that gives the opportunity for a better future to the lowest income sectors, by giving them high quality and integral financial services.” |
|
|
|
Vision:
“Be the leader, referent and innovator in microfinance at the local and international markets, favouring the development, progress and quality of life of those with less income.” |
|
|
|
History:
In 1984, a group of Bolivian entrepreneurs linked to the micro-enterprise sector in the country asked Acción Internacional Técnica (AITEC) from Cambridge, MA, to explore the opportunity to create a non-profit institution that would support the development of micro enterprises in their country. The study concluded, among other things, that the lack of access to resources, and chiefly the lack of access to credit through the formal financial system was the main factor limiting micro enterprise growth. From that perspective, on November 17, 1986, international and Bolivian investors founded the Fundación para Promoción y el Desarrollo de la Microempresa as a Non Governmental Organization (NGO).
This entity provided small working capital loans to groups of three or more people dedicated to similar activities who were jointly and severally liable for and guarantors of their obligations. As of January 1992, Fundación para Promoción y el Desarrollo de la Microempresa had a portfolio of 17,000 clients with loans amounting to 4 million dollars, and five branches located in La Paz, El Alto, Cochabamba and Santa Cruz. At that point, the positive development of NGO and the existence of huge unsatisfied demand for financial services were the main reasons that led the Board of the institution to expand its activities to meet credit demand in the large and growing sector of micro enterprises.
The most promising alternative and most viable instrument to reach this objective and overcome the limitations arising from the legal and financial structure of an NGO was the establishment in 1992 of a commercial bank that became Banco Solidario S.A. After over seventeen years in business, BancoSol has disbursed more than US$ 1,750 million to more than a 1,35 million micro-enterprise projects. Currently, the Bank has more than 160,000 clients who represent a total loan portfolio more than US$ 300 million. Additionally, BancoSol has almost US$ 280 million total deposits disbursed in more than 210,000 clients The Bank is present in eight important cities of the country (La Paz, Cochabamba, Santa Cruz, Oruro, Tarija, Potosí, Sucre and Trinidad) through a network of 100 branches. |
|
|
|
|
|
|
|
|
|
|
|
|