Posted by: Katherine Oglietti
Following the earthquake in Haiti, we featured guest posts from Sogesol and Fonkoze affiliates because we were able to make rapid contact with them, yet these MFIs are not the only ones who need support. It is necessary to emphasize that each of the microfinance institutions in Haiti and their clients have suffered greatly as a result of this catastrophe, and each will have much rebuilding to do. They have born losses of staff members and damages to their institutions. They are struggling to overcome these heavy blows to their organizations while redoubling their efforts to provide desperately needed loans and financial services to their clients.
Photos by Leigh Carter, Fonkoze USA
As the rubble is cleared and the dust settles, microfinance will become an essential component of the rebuilding process, helping microentrepreneurs get back on their feet. MFIs have the capacity to offer loans for rebuilding homes and businesses; the ability to offer such financing will be contingent upon a large increase in funding. Please consider channeling your support for Haiti’s continual and sustainable development through one or more of these microfinance institutions who have been working to support Haitian microentrepreneurs and families for many years.
MIX Market has information on six microfinance institutions from Haiti. Please find below the information that we could find on each of these organizations, as well as how to contribute to their funds for relief efforts.
ACME (Association Pour la Cooperation avec la Micro Enterprise)
• ACME launched its microfinance programs over a decade ago through a USAID grant.
• They currently serve 24,048 borrowers.
• Their website is in French: http://www.acmehaiti.org/.
• For more detailed information on ACME, review their 2008 Financial Rating.
FINCA Haiti
• FINCA Haitii was founded in 1989, and current supports 18,397 borrowers.
• FINCA’s country profile for Haiti provides links to compelling stories of the current crisis.
• You can contribute to the Haiti Earthquake Relief Fund to help FINCA clients rebuild or start small businesses.
• Read a client profile of one of the Haitian Village Banking groups, Famn Vayant
MCN (Micro Crédit National)
• MCN is a nonbank financial institution serving 36,156 borrowers with small loans.
• It was established in 1999 with a loan from the World Bank.
• Unfortunately, their website is no longer functioning, and this is the only information we could find.
Sogesol (Société Générale Haitïenne de Solidarité)
• Currently serves 12,588 borrowers.
• You can contribute directly through ACCION's Support Haiti Fund.
• Learn more about the organization through Sogesol's profile on the ACCION website.
Fonkoze (Fondasyon Kole Zepòl), which is an NGO
SFF (Sevis Finansye Fonkoze), which is a nonbank financial institution affiliated with Fonkoze
• Fonkoze supports 21,225 borrowers and SFF serves 32,979 borrowers.
• You can follow Earthquake News and Updates on the Fonkoze webpage
• The Grameen Foundation Blog is also providing constant updates.
• Contribute through Fonkoze USA Earthquake Relief and Rehabilitation Fund.
• Fonkoze was able to open 41 of its 42 branches and deliver over $1 million in essential savings and remittances from client family members within a week of reopening. One of its branches, the Bizoton Branch, was completely destroyed, but with a grant that was secured last week, Fonkoze is piloting a creative effort to reopen operations through a van.
• In a recent email to the microfinance practitioner community, Liselle York, Grameen's Senior Marketing Officer, describes Fonkoze's current strategy considerations, which may include recapitalization of loans with low or no-interest loans, providing benefits similar to the catastrophic insurance policy that Fonkoze was close to launching before the earthquake, and financing or grants for home reconstruction (which are difficult to repay but will be important for most clients who have suffered significant damage to their homes).
• Watch a CBS interview with Alex Counts, the President and CEO of Grameen Foundation, on the foundation’s response to the earthquake.
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If you have additional information on any of these or other Haitian MFIs and how to contribute to their efforts, please comment on this post.
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