Fundación ESPOIR is a private Ecuadorian NGO that offers financial services through credit groups (village banking) and individual credit methodologies. ESPOIR’s borrowers, the majority of whom are low income female entrepreneurs, live in the country’s semi-urban and rural areas. Village banking clients benefit from an educational program and a low cost ($2.89 per month) insurance package that includes primary health care to their families (spouse and children under the age of 21), as well as life and credit insurance throughout the duration of the loan. Health care is provided through their own clinics (in Portoviejo, Manta and Quevedo) and network of health care providers, so that all clients can be served. In addition to these complementary services, ESPOIR has a fast (48 hour) turnaround time and a loyal client base of which 61% are unique to ESPOIR.
Eight years ago, Zoila Bermello owned just one fishing boat when she applied for her first loan with ESPOIR. With ESPOIR’s financing, she was able to expand her business and now owns two additional fishing boats that she manages with the help of an assistant. She uses the additional cash flow to pay for her children’s education, as well as various improvements to her family’s household. She is also the beneficiary of the company’s health screening activities and was fortunately able to detect breast cancer in the early stages due to ESPOIR’s health education initiative.
In addition to using a loan from ESPOIR to grow her business and
improve her home, Ms. Mendez was able to detect cancer on time,
thanks to preventative health education sessions provided by ESPOIR.
The figures listed here are based on self-reported data provided to MicroVest by ESPOIR as of 6/30/2019.