In 1997, Banco do Nordeste approached Accion for assistance in designing a microcredit program. The program, called CrediAmigo, was initially piloted in five branches. By 1998, the pilot had expanded to 51 branches. Today, CrediAmigo is not only one of the largest microlending programs in Brazil, but in all of Latin America.
Accion supported CrediAmigo’s implementation of a community lending methodology with the goal of reaching the most vulnerable microentrepreneurs in Brazil’s Northeast – the country’s poorest and least developed regions. CrediAmigo offers hassle-free individual and group loans.
CrediAmigo is Banco do Nordeste’s contribution to Brazil’s National Microcredit Program – a program of the Federal Government to boost employment and income among microentrepreneurs.
Before CrediAmigo’s inception, the demand for microcredit was virtually unmet, as few sources of legal financing were readily available to Brazil’s microentrepreneurs. CrediAmigo is providing a critical service for the millions of poor Brazilian families that support themselves through small enterprises.