Mibanco - Crecer mi negocio

The Opportunities for the Majority Office (OMJ) seeks to provide a US$10 million senior unsecured five year credit line to Banco de la Microempresa S.A. (Mibanco), Peru's fifth largest commercial bank. The general objective of the Project is to increase access to finance for female-owned micro enterprises (MES) across all regions of the country; despite the fact that MES provides employment for nearly 70% of the economically active population, less than 30% of MES businesses have access to credit. Specifically, the IDB Loan would fund a new Mibanco product known as Crecer mi Negocio which is expected to provide micro loans for up to 10,000 low income micro entrepreneurs across all regions of Peru, the vast majority of which will be women (the Project). The Project will provide medium-term financing for the purchase and expansion or improvement of business facilities, whether home-based business or a commercial locale through Mibanco's Milocal product; Crecer mi Negocio will also provide funding to purchase or renew equipment or other fixed assets required to expand production and improve productivity for women-owned businesses through the Miequipo product. Mibanco will build on its current experience in providing investment loans to the micro enterprise sector, and tailor/customize the Crecer mi Negocio product lines to the needs of the female owned micro enterprise businesses, with loan amounts starting as low as US$350.