- At Banco Solidario, the mission has always been to provide financial services to those people
who have been unable to access the traditional financial system. To this end, they make a host of
innovative financial services available to their main clients; who are made up of urban and rural
microentrepreneurs, small businesses, and individuals from low socioeconomic segments of
- In addition to small loans, they also provide access to savings accounts,
insurance, fund transfer services, and money for housing improvements. This wide range of services
ensures that their microentrepreneurs have access to all of the tools they need to make their
business successful.Their programs include:
- Individual Credit: Credit for eligible
micro entrepreneurs who present personal guarantees, chattel or mortgage security.
Solidarity Credit: Credit granted to a group of at least three micro entrepreneurs who are not eligible for individual credit, but are willing to become jointly liable and social co-guarantors of the loan.
La Chauchera: An "electronic purse" in the form of a smart card that allows microentrepreneurs to buy their raw materials from big industries at wholesale cost. It offers microentrepreneurs a revolving credit line while also working as a debit card. Olla de Oro (pot of gold) : Instant credit granted against golden jewelry.
Mi familia, mi país, mi regreso (My family, my country, my homecoming): This program's goal is to channel emigrants' efforts and sacrifice abroad towards building their return, by buying a home or improving their businesses in Ecuador. It also provides a safe method of transferring remittances while giving clients control over the use of these funds in line with their goals.
Rural Products: microenterprise loans adjusted to the needs of the rural sector.
Social Housing: finances home ownership and encourages personal savings.
- Banco Solidario serves the people of Ecuador who do not have access to traditional financial
services. This is essentially 60% of Ecuador's Latino Economically-Active Population. Most of the
clients live in urban areas, with approximately 88% living in major urban areas, and 12% living in
rural areas. Clients are grouped into urban micro entrepreneurs, small and very small rural
businesspeople and those individuals who due to their economic situation have not been able to
afford their own home in an appropriate community. The structure of the base of clients is majority
female (60%), of which 63% are heads of households who singlehandedly carry a heavy load; an
average of 4.6 family members depend on their income. Our proposal for 2009 is to support
enterprises that belong to women, who are a privilege to serve.
- In 2008, we achieved our goal providing more than 236 million dollars in loans to micro
enterprise while protecting our investor’s money and implementing strict customer evaluation
systems. The actual granting of those loans occurred through the implementation of centralized
processes that helped us achieve historic levels of monthly disbursements. Our permanent focus has
been for those loans to constitute 90% of the productive assets of the Bank.
- We obtained 14
million dollars from international agencies that depend on Solidario to fight poverty through small
enterprises, and as a result, the Bank now has more than 100 million dollars in international
- The continual review of internal processes has allowed operating costs to be reduced
in 11% less comparing last year’s.
- Based on the achievements of 2008 and the dedication of
our staff, the continual support and commitment of the members of the Board of Directors, and the
trust of our shareholders, we will continue to labor with enthusiasm and professionalism in the
each customer become a source of employment for the other people, so we will get to them with
working capital and hope.
Mariana Quiña was having trouble supporting herself with the small restaurant that she set up to produce and sell the food that she prepared. She was not able to sell high quality food either, because she could not afford the proper ingredients to compliment her dishes. Now with low-interest financing provided by Banco Solidario she was able to turn her business around and provide high quality, affordable and profitable meals for the people of her town. Full Story