Loan Illustration

Soy Jose y vivo en Coracora, soy un hombre de 27 años que trabaja como chófer de un minibus con un carro alquilado, actualmente vivo con mi madre y soy el ún…

Transportation Transportation

Peru Peru

Loan amount €1,480

Funded 100%

by 7 members

Loan fully repaid by the entrepreneur

Disbursement date: 05/01/2015
Final repayment of the loan: 05/01/2017

ENGIE by MicroWorld's investors have funded: €1,480

Jose - Purchase vehicle

Borrower

First name: Jose
Gender: Male
Age: 30
Marital status: Single
Number of children: 0
Region: Cora cora

Loan Request

Purpose: Purchase vehicle
Amount: €1,480
Duration: 24 months
Loan type: in fine
The loan is reimbursed in one installment at the maturity date of the project (principal and possible interests).
Note: additional time may be necessary for the funds to be credited on the lenders' accounts due to delays in international transfers.

Borrower's quote

Soy Jose y vivo en Coracora, soy un hombre de 27 años que trabaja como chófer de un minibus con un carro alquilado, actualmente vivo con mi madre y soy el único ingreso económico para nosotros. Con mucho esfuerzo y el apoyo de mi madre, logre juntar parte del dinero requerido para comprarme un taxi. Con el préstamo completare para adquirir ese vehículo y ya no pagare el alquiler del minibus sino pagare mi auto. Mi único deseo es darle las comodidades que necesita mi madre por todo el apoyo que me ha dado siempre.

Economic and social context

Peru

Peru

With Peru's fast growing economy, the land of the Inca's is helping the global fight against poverty and inequality to gain momentum.
Country's key figures - source Worldbank
Population 29 164 883
GNI per capita 4 150 USD
Economic Growth 9,80%
Poverty rate (less than 2 USD/ day) 17,8% (in 2007)
Unemployment rate 7%
Literacy rate (above 15 years of age) 90%
Life expectancy 73 years
GDF SUEZ contributes to this project.

MFI Status

This loan is managed locally by our field partner Fondesurco which is in charge of administrating the loan and repaying ENGIE by MicroWorld lenders.

You should be aware that lending involves a risk of non-repayment. However, the risk associated with this MFI is considered lower than average.

Rates and transparency

  • This loan does not pay any interest to the lender.
  • The MFI will reimburse the lender in case of default of the entrepreneur but there is no guarantee or insurance given by the MFI.
  • 100% of the money collected is sent to the MFI, even if the project is not fully funded on the site.
  • The MFI then makes a loan to the micro-entrepreneur and charges an interest rate in order to cover its operational and financial costs.
  • The platform earns a commission from the MFI for the service it provides, which helps to fund its running costs.
  • More effective than a simple donation, micro-credit promotes long-term sustainable economic development rather than short term help.

The MFI

Fondesurco

Fondesurco

History

Fondesurco, an NGO, was established fifteen years ago following a pilot microcredit program initiated by a set of four NGOs operating in the southern region of the country. The project began with group loans that followed the Grameen Bank methodology.

The MFI has developed the majority of its business in the province of Arequipa, supporting agricultural activities in the Andean highlands, and is trying to deepen its presence in this region by offering services to the most remote villages.

Key figures - December 2010
Date31/12/2014
Legal StatusNGO
Number of Borrowers11,040
Portfolio Size$20,335,597
PAR (Portfolio at Risk)0.47%
R.O.A (Return on Assets)0.11%
Social indicators
Average loan /GNI per capita34%
% of female borrowers59%
Saving accounts openedNo (legal status)
Collaterals requiredNot mandatory
Loans for social purposesEducation