Banco Solidario

Banco Solidario is an Ecuadorian institution committed to reducing poverty and improving the living conditions of the less favored segments of the population by meeting their needs for high quality, innovative financial services.

Key Indicators as of June 2014
Active Borrowers: 387,973
Average Loan: $1,522
Amount Loaned: $373,107,008
Active Savers: 84,108
Active Portfolio: $590,392,000
Saving Balance: $456,896,992

Background

Banco Solidario was initially established in Quito, Ecuador in 1995 as Estrategia Financiera S.A. After merging with Sociedad Financiera Finambato S.A. a year later, it became Banco Solidario S.A. Banco Solidario is the first social mission-bearing financial initiative in Latin America born out of 100 percent private capital.

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.

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.

Contact

Banco Solidario
Amazonas N36-69 y Corea, Quito, Ecuador
Tel:+59 32 260-260, 268-534, 268-54

Website: www.banco-solidario.com