Mission: To contribute to the socioeconomic development of its members (both men and women), providing them with financial products and services, carrying out its activities in a businesslike manner, and following patterns of equity and self-sustainability.
Specialty: Rural Lending & Lending to Cooperatives
Organization Profile: CARUNA is a nation-wide credit union, with an extensive network of branches all throughout Nicaragua. Of CARUNA’s 17 branches, several of them, such as San Carlos, Somotillo, Rosita, and Bonanza, service very remote towns. Another of CARUNA’s branches, Puerto Cabezas, supports isolated ports on the Atlantic Coast, an area that had previously been deprived of all financial services. Through these branches, CARUNA provides credit in the form of livestock, agriculture, commerce, microenterprise, consumption and agribusiness loans.
However, CARUNA offers more than just loans. As a credit union, CARUNA is able to supply its members with savings services. Borrowers can also deposit money in one of CARUNA’s remote locations and withdraw their money from the Managua branch. This innovative service reduces the risk of theft as individuals travel to Managua, the capital, to purchase supplies. CARUNA provides its borrowers with unique assistance through their remittance services, which allow those living outside of the country to send money back home. Through these financial resources, Nicaraguan families are better able to sustain themselves, provide for their children, and give back to the community.
In addition to assisting poor communities and families, CARUNA also gives scholarships to hundreds of underprivileged students throughout Nicaragua, providing them not only the opportunity to obtain an education but also to achieve their career goals.
NICA Fund Partner Since: 2000
Borrowers: CARUNA lends to 9,985 borrowers, 52% of whom are men and 48% are women (as of December 2006).
Lending Portfolio: The average loan size for CARUNA’s lending portfolio is $573 with a total lending portfolio size of $5,723,799. Of the portfolio, agriculture and livestock receive 59%, commerce, small enterprise, and industry 20%, consumption 11% and services 3% (as of December 2006).
