DID recently granted a three-year senior loan of US$1,250,000 to the 4 de Octubre savings and credit cooperative in Ecuador. This financing, provided by the Desjardins Fund for Inclusive Finance L.P., will allow the cooperative to grow and to diversify its sources of funding. The 4 de Octubre cooperative operates mainly in the Chimborazo province, 200 km south of Quito, Ecuador’s capital city. It has been in operation since 1996. Almost half of its clientele are women and it has 8,300 member investors and 4,500 borrowers.
DID also re-established its partnership with the Fundación Espoir, renewing for a five-year term the US$1,500,000 subordinated loan that it granted the organization in 2012. This financing was provided by the Partnership Fund and the Desjardins Fund for Inclusive Finance L.P. Formed in 1998, the Fundación Espoir has a clientele made up of over 80% women running micro-businesses in disadvantaged areas of the country. The organization offers personal and group loans as well as a number of education programs covering health and empowerment in addition to financial services.