Transcript Микрофонд АД

MIKROFOND
MIKROFOND EAD
THE FIRST MICROFINANCE NGO IN BULGARIA
TRANSFORMED INTO COMMERCIAL LENDING COMPANY
WITH CAPACITY TO REACH 5000 CLIENTS
MIKROFOND
ACCESS
Mikrofond provides access to finance for
2 000 microentrepreneurs.
MIKROFOND
EMPOWERMENT
Microfinance encourages people to improve
their well being through income generating
activities
MIKROFOND
SUCCESS
Improvement of local
economy builds on
the success of the
micro businesses.
MIKROFOND
History
• Microfond EAD originates from the Microcredit
Program of the Resource Center Foundation, which
has started in 1999 with the support of the Soros
Economic Development Fund and OSI. The Sole
Owner of Mikrofond EAD is Mikrofond – Sofia
Foundation.
• Mikrofond EAD provides financing and support to
micro- and small-sized enterprises in regions with
high level of unemployment and low economic
growth.
• Three year experience of consulting large Bulgarian
bank in microfinance.
• Over 1500 loans for one year.
MIKROFOND
MISSION
• To support the initiative people in Bulgaria, providing
alternative financial and other services. We believe
that the small business is the engine of the economic
development and has the greatest growth potential.
• Our clients are micro- and small-sized companies
that meet difficulties in financing their business
projects by the existing banks and other financial
MIKROFOND
Outreach
• Seventeen offices covering
– 215 municipalities
– more than 75% of the territory
– more than 90% of the population
MIKROFOND
FUNDING
• 3 mln USD credit line from Raiffeisenbank (Bulgaria) EAD
• 0.3 mln USD loan subsidized loan from Soros Economic
Development Fund
• 0.77 mln USD in registered Equity
MIKROFOND
Results
• Outstanding portfolio – 5,5 mln BGN (2.75 mln
EUR) 1 100 clients
• Portfolio at risk > 30 days
2.7%
• Repayment rate
98.8%
• Business structure
– Wholesale
9%
– Retail
26%
– Production 15%
– Field Farming 9%
– Stock-breeding 8%
– Services
22%
– Others
11%
• Over 350 start-up businesses funded
• 40% of clients are women
MIKROFOND
Transparency
• Implemented Quality Management System of
Mikrofond EAD, certified in compliance with ISO
9001:2000
• Appointed financial external auditor Ernst&Young
• Member of Microfinance Center Poland
MIKROFOND
FORECASTS
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Outstanding portfolio end 2005 – 10 000 000 BGN
Number of microloans outstanding – aprox. 2 432
Expected market share (200 000 total market) – 1,5%
2005 operational costs – 850 000 BGN
2005 financial costs – 450 000 BGN
2005 total income – 1 400 000 BGN
Needed funding
Equity up to - 1 000 000 EUR
Loan – up to 3 000 000 EUR