• Where We Work
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• Meet Microentrepreneurs
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Yes! I want to support microfinance and empower people to work their way out of poverty.

Banco Solidario

General Manager: Michel Burbano
Executive President: Salvador Pedrero
Active Borrowers: 128,768
Active Portfolio: $201,090,000
Average Loan Balance: $1,562
Portfolio at Risk: 3.09%
Statistics as of May 2010

Mission: “We are an Ecuadorian institution that helps reduce poverty and improve the living conditions of less favored segments of the population by meeting their needs for high quality, innovative financial services. We reward the trust of our depositors, investors, shareholders, and collaborators with financial, social, and environmental profitability that is the result of competitive management by an upright, responsible, supportive, and enthusiastic team for whom these principles are an integral part of their life mission.”

History: Banco Solidario was initially established in Quito, Ecuador in May 1995 as Estrategia Financiera S.A. (ESFISA). In August 1995, this institution changed its name to Sociedad Financiera Enlace S.A. A year later, the Ecuadorian Superintendence of Banks authorized the merger of Enlace Sociedad Financiera S.A. and Sociedad Financiera Finambato S.A. to become Banco Solidario S.A. Banco Solidario, a member of the Enlace Financial Group, is the first social mission-bearing financial initiative in Latin America born out of 100 percent private capital.

A process of capitalization concluded in October of 2006. There was an increase of $12 million dollars in the signed capital, which in turn changed the ownership structure of the Bank. Unibanco, a larger bank, became Solidario’s largest shareholder.

ACCION's Role: In addition to ACCION’s participation in Banco Solidario’s governance, ACCION and Banco Solidario have worked together on the development of new products such as home improvement loans, lines of credit, savings, rural credit, audit methodology, risk management, credit scoring, and client service, among others. All projects support Banco Solidario’s efficient expansion and success to date in the face of the growing competition.

Borrower Profile: Banco Solidario's market niche – microenterprise, small business, family-run business, and the urban and rural self-employed – makes up nearly seventy percent of Ecuador's economically active population. This socioeconomic segment of the Ecuadorian population faces obstacles in obtaining conventional financial services and often turns to loan sharks to meet its financial needs.

What's New: ACCESS TO BANKING SERVICES: Solidario’s access to banking services index was 38% in 2008.
FOREIGN INVESTMENT: The total inflow in 2008 was $14 million from the following international organizations: AECI, MEDA, ELF, DEXIA MICROCREDIT FUND, CALVERT, MICROVEST, and VDK SPAARK BANK. They rely on Solidario to fight poverty through small businesses, while the total foreign investment reached USD104 million.
SUSTAINABILITY REPORTS: The Bank’s orientation is social, and for some years now, it has also been environmental. It submitted its fourth Sustainability Report in accordance with GRI (Global Reporting Initiative) standards, and submitted indicators that focused on People, the Planet, and Financial Profitability. It is the first Ecuadorian Bank to have reported to GRI, according to its Executive President, Ernst Ligteringen.


Program Growth:

Contact Information:
Banco Solidario
Amazonas N36-69 y Corea
Quito, ECUADOR
Tel: 5932-260-260, 268-534, 268-546
Fax: 5932-268-843
Email: mburbano@solidario.fin.ec;  sanchezl@solidario.fin.ec

Website: http://www.banco-solidario.com