By giving low-income entrepreneurs innovative forms of micro financing, financial advising, and savings, their businesses—and then entire communities—can benefit.
FINCA currently serves 21 countries and customizes its services to local needs, helping ensure their clients’ success. They’ve pioneered energy loans to help clients lease clean electricity and made loans to farmers to buy necessities before the growing season. Another program gives group loans to several new entrepreneurs in the same neighborhood and lets them guarantee one another’s loans.
Distance is one of the biggest barriers to traditional banking, so FINCA lets its clients bank via physical branches, local merchants, or text-message-enabled mobile banking (no smartphone needed).
When businesses in the underserved areas are on more solid footing, the result is positive change in neighborhoods around the world.