- As a WWB affilate, poor women are at the center of FMM-Popayán's mission. Following the WWB
model, FMM-Popayán provides the following services:
- Policy Change Activities: Initiatives are aimed at transforming financial systems to benefit the poor through developing conducive environmental policy, taking concrete legislative action, building coalitions of microfinance organizations, and engaging with policy makers and other stakeholders.
- Linkages and Learning: Activities include workshops, exchanges, and innovation partnerships, all designed as a way to transfer knowledge and to reinforce FMM-Popayán´s mission, vision and values.
In addition to offering basic loans, seasonal loans, and automatic loans for repeat customers in good standing, recently FMM-Popayán successfully introduced an innovative loan product that accepts jewelry as collateral. Investments by individuals, as well as institutions such as Calvert Foundation, provide lending capital to FMM-Popayán.
Through its 28 branches, FMM-Popayán serves the low- and moderate-income communities of Colombia, in hopes of opening access to credit resources for small entrepreneurs, particularly women. Of its 124,000 active borrowers, 98 percent live in major urban areas, and two percent in rural areas. In addition, 72 percent of FMM-Popayán's loans are made to women, and 70 percent are made to individuals whose household income is at or below 80 percent of the median area income. Also, its borrowers primarily work in three main sectors of the economy: commerce (60 percent), services (21 percent), and manufacturing (19 percent).
- FMM-Popayán has 124,000 active borrowers, which averages an impressive 700 loans per loan
officer. Their portfolio has swelled to $53,000,000. The average loan size was $500, and the
30-day repayment rate was 99.12 percent. FMM-Popayán now operates twenty-eight branches and has
reached very strong efficiency levels. The technical and actual effect of FMM- Popayán's success
has been acknowledged through Ms. Velasco's acceptance for the position of Advisor of the
International Year of Microcredit 2005. This year was designated by the United Nations in order to
form partnerships and leaders in the microcredit sector.
Martha Eugenia Sarria Escobar is the owner of Canela, a footwear store in downtown Popayán, which she opened with the help of her sisters. Over time and through her hard work and determination, Martha was able to buy her sisters’ shares in the store and remain the sole owner. Moreover, a loan from WWB-Popayán has allowed Martha to not only remain in business, but to expand her inventory and increase her profits as well. Full Story