Mission: Contribute to the progress of thousands of Nicaraguan families through the provision of specialized financial services for micro, small, and medium enterprises in the productive, commercial, and consumption sectors. We have a highly competent work team and appropriate technology that guarantee the satisfaction of our clients, the profitability of the institution, and leadership in the microfinance industry.
Specialty: Micro-enterprise Loans to Women
Organization Profile: FAMA has over 23 branches spread throughout the Pacific, Central, and Atlantic regions of Nicaragua. This geographic diversity allows them to better impact the working poor. FAMA labors hard to provide Nicaragua’s poor microentrepreneurs, many of whom are sole business owners working alone without any help from family or employees, with the credit and training that will allow them to start or sustain their own businesses.
FAMA caters to the poor by offering group-lending programs. These programs, formed mostly by poor women, allow those who are extremely deprived of collateral to receive loans. Within a group of four to seven individuals, borrowers vouch for their group members, promising to help them repay the loan should someone experience a tough year.
Since FAMA is a regulated institution it can provide special services to its borrowers. Non-regulated microfinance institutions are unable to hold savings accounts for their clients. However, as a regulated institution, FAMA is working on instituting this invaluable savings service. FAMA also provides remittance services. These services allow Nicaraguan immigrants living in the United States to send money back home. Through the help of such funds, families are better able to educate their children and provide a positive economic impact within their community.
NICA Fund Partner Since: 2000
Borrowers: FAMA loans to 38,877 total clients, 74% of whom are women and 26% of whom are men (as of September 2007).
Lending Portfolio: The total lending portfolio for FAMA is $27,390,162 with an average loan size of $705. Commerce, small enterprise, and industry comprise 69% of the lending portfolio, with consumption maintaining 27%, and housing 4% (as of September 2007).
Website: http://www.financierafama.com.ni/ [1]