Grameen Foundation : Where we work : Latin America / Caribbean : Dominican Republic : FSMA
Fundaction San Miguel Arcangel, Inc.
| Status snapshot as of March 2008 | |
| Active clients | 9,816 |
| Loan portfolio (USD) | $1,810,642 |
| Portfolio At Risk >30 days* | 8.4% |
| * Value of all loans outstanding that have one or more installments past due more than 30 days | |
Fundacion San Miguel Arcangel, Inc. (FSMA) was founded as a privately-funded, non-profit organization in 2004, by Marcelino San Miguel, a retired successful businessman. DR’s current stable political environment enables the founder to achieve his vision of “having a society with wherein there is opportunity to develop the minimal socio-economic conditions to enjoy a life with dignity”. FSMA has brought innovative ideas to enhance microfinance activities in the country. Among these innovations is the use of a product mix, instead of a single product, of business/emergency loans, savings management services (in which savings are deposited in local commercial banks), and loan insurance.
FSMA clients are mainly impoverished women in rural and sub-urban areas in provinces along the central, west and southwest regions of the Dominican Republic.
Grameen Foundation support:
FSMA follows the Grameen Bank lending methodology of group lending; which consists of several groups operating within a center. In addition, FSMA has already benefited greatly from the technical assistance that it received from GF in its formative stage. As of Decemebr 2007, GF has granted FSMA a loan for $225,000 and expects to further finance their operations in the DR.
Grameen Foundation : Where we work : Latin America / Caribbean : Dominican Republic : FSMA
Grameen Foundation uses microfinance and innovative technology to fight global poverty and bring opportunities to the world's poorest people. With tiny loans and financial services, we help the poor, mostly women, start businesses and escape poverty. Our global network of 55 microfinance institution (MFI) partners including our Growth Guarantee partners has touched more than 34 million people in 24 countries. In addition, we introduced and now sustain technology initiatives (Mifos and Village Phone) in Cameroon, Kenya, Rwanda, and Uganda, bringing our total country outreach to 28.
+1-202-628-3560 www.grameenfoundation.org
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