Skip to main content
MiBanco will boost loans to women microentrepreneurs with IDB backing

Mibanco – Banco de la Microempresa S.A. will increase microfinancing to women entrepreneurs in Peru with the equivalent of $36 million in Peruvian soles provided by the IDB’s syndicated loan program.

The syndicated loan consists of an A loan for the soles equivalent of $10 million from the IDB’s own resources and a B loan for the soles equivalent of $26 million provided by a syndicate of private investors through the sale of participations. Acting as lead arranger, the IDB helped Mibanco leverage resources from Dexia-Microcredit Fund managed by Blue Orchard S.A., Oikocredit, and Calvert Foundation.

Missing media item.

The transaction marks two milestones for the IDB. It is the first B loan carried out in local currency and the first B loan syndicated entirely to socially responsible investors.

It is also the first time a microfinance institution in Latin America obtains a loan in local currency.

Besides the syndicated loan, the IDB also contributed earlier this year to mobilize an additional loan for the equivalent to $9 million, also denominated in Peruvian soles, from Société de Promotion et de Participation pour la Coopération Economique S.A.(PROPARCO).

As a result of these efforts, MiBanco gained access to medium-term local currency financing to fund Crecer Mi Negocio (Spanish for Grow My Business) an ambitious new credit program targeted at women entrepreneurs which will finance medium-term loans ranging from a few hundred dollars up to $3,000 for the purchase of new fixed assets or financing of improvements in existing businesses.

With a $3 million grant from the IDB’s Multilateral Investment Fund, Mibanco is carrying out another program to provide training to 100,000 women entrepreneurs in Peru. This program is also supported by Australia through its development agency AusAID, which contributed with $1,6 million to the initiative, and by the Thunderbird School of Global Management.

Mibanco has more than 500,000 clients and 150 branches throughout the country.

Jump back to top