Corporación Mundial de la Mujer Colombia (WWB-Bogotá) is a Microfinance Institution and affiliate of Women's World Banking whose mission is to contribute to increasing the assets of low income microentrepeneurs, with a major focus on women. The organization provides access to financial services that allow clients to grow and develop their businesses, increase their income and have opportunities for a higher standard of life.
WWB-Bogotá makes individual, micro-level loans with repayment terms and plans tailored to the micro-entrepreneur's type of business. It uses simple procedures, flexible disbursements, personalized service and collateral based on the circumstances of the user. WWB-Bogotá also offers diverse financing methods based on the client's credit history. WWB-Bogotá provides:
- Technical Support : Technical services are designed to help strong microfinance institutions build strategy; strengthen their organization and operations; and design and implement new products and processes.
- Policy Change Activities : Initiatives are aimed at transforming financial systems to benefit the poor, through the development of a conducive policy environment and concrete legislative action, building coalitions of microfinance organizations, and engaging with policy makers and other stakeholders.
- Basic loans : Individual loans where the loan size is determined based on cash flow analysis and repayment capacity. These loans are provided for working capital purposes.
- Seasonal loans : Very short term loans with the objective of providing more liquidity to acquire stock to meet the demands of special holidays.
- Automatic loans for repeat customers : When clients have a proven repayment record, and have taken out three prior loans, they become eligible for automatic loans, with no assessment.
WWB-Bogotá provides three types of loans:
WWB-Bogotá has a head office and nine branch offices that provide financial and loan services to the low income population of Bogotá, Colombia and the surrounding metropolitan area. Of WWB-Bogotá's current 15,635 active borrowers, 78% are both women and low-income individuals. Nearly all borrowers live in major urban areas, defined as having a population of over 1 million, with only 3% living in rural areas. These borrowers primarily work in four main sectors of the economy: commerce and trade (53%), manufacturing and production (23%), service (21%) and agriculture and livestock (3%).
WWB-Bogotá has done a stellar job achieving their mission to create access to credit for low-income women in the informal sector of Bogotá. WWB-Bogotá had a portfolio of nearly US $4.8 million with 15,635 active borrowers with an average loan size of US$386. In addition, WWB-Bogotá has high efficiency levels with operational self-sufficiency at 140% and financial self-sufficiency at 117%. WWB-Bogotá's performance has consistently outperformed the corporate portfolios of commercial banks in the area, a fact that is particularly noteworthy given the recent financial troubles in Colombia. Today, WWB-Bogotá is the recognized leader in micro finance in its geographic area.