ACCION and Argentina?s Banco Columbia to Promote Microfinance for Poor Entrepreneurs
Thursday, April 20, 2006
ACCION International, a pioneer and leader in global microfinance, today announced the creation of Columbia Microcr?dito, partnering with Argentina?s Banco Columbia to deliver financial services to the country?s entrepreneurial poor.
Argentina?s first commercial microfinance venture, the new alliance will deliver microloans through Banco Columbia?s national branch network, with the goal of reaching 20,000 clients within four years.
Banco Columbia, a mid-sized Argentine bank with approximately 300,000 credit clients, has a history of serving low-income individuals, as well as processing a high volume of relatively small loans. As such, it is well prepared to enter the microfinance industry with ACCION?s counsel. Since delivering the first microloan in 1973 in Recife, Brazil, ACCION has partnered with microfinance institutions in 22 countries, of which Argentina is the most recent.
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