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CrediChavin


Peru

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URL: www.credichavin.com
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CrediChavin

CrediChavin is a private financial institution operating in Peru. The institution is the sixth largest "Caja Rural" in Peru and focuses on the development of microfinance by offering small business loans and savings programs to the working poor.

Program

CrediChavin offers credit plans/loans for multiple sectors, as well as savings plans. Types of loans include microfinance loans for small businesses, loans in the agricultural sector, and loans in the transportation sector. Specialized loans are available to salaried workers that are employed by government organizations such as schools and hospitals. In Peru, these public sector employees usually receive minimal government salaries. To supplement their wages, many employees start side-businesses which require funding. A majority of these loans offered by CrediChavin are used as funding sources for working capital or fixed asset loans. As of June 2008, three school systems accounted for 74% of CrediChavin's salaried worker loans.

Client Population

Clients consist of microentrepreneurs and the working poor in Peru. Within CrediChavin's specialized loan offerering, clients are salaried workers that are employed by government organizations such schools and hospitals. As of June 2008, three school systems accounted for 74 percent of CrediChavin's salaried worker loans, 42.71 percent of clients were women, and 10.42 percent of clients were in rural zones.

Impact

CrediChavin is focused on making a strong social impact in Peru. It currently serves 9,124 borrowers, many of whom are in the agricultural or transportation sectors. Support has consistently been provided for under employed individuals that are working for the government in organizations such as schools and hospitals. As a leading microfinance organization, CrediChavin also offers savings programs for clients that lead them towards a sustainable financial path.

Story

CrediChavin
Yovera Torres has been a client with CrediChavin since October 2000, having taken an initial loan of S/. 5,400(USD$1,800). At the time, Yovera was facing many difficulties after her husband left her and took their 3 month old baby with him. CrediChavin was able to provide Yovera with an initial loan that enabled her to get back on her feet and establish a new beginning. She now has a salon products business located in a very good area for sales and has rented this location for the past five years. She manages a portfolio of clients, which have allowed her to stay in business and have a better life. She currently has an inventory of S/.25, 000 (USD$8,333). Today she continues to be supported by CrediChavin with a loan of S /. 7,000.00 (USD$2,333). Full Story

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