FINCA International helps small business owners in more than 23 countries worldwide by providing the finances and resources they need to keep their businesses up and running.
The innovative nonprofit focuses on four core areas: financial assistance, social intermediation, enterprise development and social service impact.
FINCA International serves as a financial intermediary by providing developing business owners with loans, teaching them how to open savings accounts and helping them find insurance tailored to the products and services they offer. This helps new businesses blossom into full-running operations that help women and men provide for their families.
Their second facet, social intermediation, is also an important part of their business model. Because they are serving entrepreneurs in countries that may be lacking in gender equality, they have to serve as people who can help bring change to these communities. FINCA International provides this intermediation through education in financial literacy and Village Banking loan programs.
In addition to enterprise development, they also help developing communities through educational programs, nutrition services, and health training. These programs contribute to the success and growth of the villages and towns they serve.
FINCA International was launched in 1984 by former Peace Corps member Dr. John Hatch. Hatch started the organization as Village Banking, which operated in Bolivia and served as a financial intermediary for farmers struggling through tough economic times. The following year, Hatch started the organization.
In its early days, FINCA International operated primarily in Latin America, including the Honduras, Mexico, and El Salvador, but by the early 1990s, its services had spread to Africa and Eurasia as well. Since its inauguration, FINCA International has lived up to its name and has provided services in countries all over the world.
Subsidiaries exist in countries in Africa, Western Europe, Latin America and Asia.
– Julia Hettiger