Asociación Costarricense para organizaciones de Desarrollo

Data provided through ACORDE

Gross Loan Portfolio USD, 2011: 25.1 million

Number of active borrowers 2011: 994

Average loan balance per borrower USD, 2011: 25,272.0

Deposits USD, 2011: 0.0

Assets USD, 2011: 33.8 million

Number of depositors 2011: 0

Mission:

ACORDE como agente de cambio para la generación de riqueza y capacidad empresarial del sector MIPE de Costa Rica.

Background and Main Challenges:

a) Crecer en un mercado competitivo. B) cobertura geográfica c) retener el talento

Address:

Calle 3 Avenida 5 y 7, 150 mts al norte del automercado, San José centro

San José

104-2070 Sabanilla

Costa Rica

Phone:

(506) 2256-4901

Fax:

506-2256-7873

Email:

info [at] acorde [dot] or [dot] cr

Website:

www.acorde.or.cr

Products and Services:

Loans

Voluntary Savings

Services Provided:

Business Development Services

Looking for (Investment Types):

Loans in Local Currency

Loans in US$

% Operations Comprised by MF:

91 - 100

Date established:

Jan 1 1987

FYE:

31-Dec

Current Legal Status:

NGO

Regulated:

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
Clients living in urban areas	1
Women	2
+ Development goals (ranked by importance)
Growth of existing businesses	1
Increased access to financial services	1
Gender equality and women's empowerment	2
+ Poverty targets
No specific poverty target	1
+ Governance
Has trained members of its board on social performance management
+ Range of products and services
+ Financial products and services offered
+ Credit products offered
Microcredit loans for microenterprises	1
Microcredit for household needs/consumption	1
SME loans
+ Savings products offered
+ Compulsory insurance products required
Compulsory credit life insurance	1
+ Voluntary insurance products offered
+ Other financial products and services offered
Descuento Facturas
+ Non-financial services offered
+ Enterprise services offered
Business development services	1
+ Education services offered
Financial literacy education	1
+ Health services offered
+ Women's empowerment services offered
Leadership training for women	1
+ Products and services targeting the poor
+ Social responsibility to clients
+ Client protection principles in use
The loan approval process requires evaluation of borrower repayment capacity and loan affordability. Loan approval does not rely solely on guarantees (whether peer guarantees, co-signers or collateral) as a substitute for good capacity analysis.
Internal audits check household debt exposure, lending practices that violate procedures including unauthorized re-financing, multiple borrowers or co-signers per household, and other practices that could increase indebtedness.
Productivity targets and incentive systems value portfolio quality at least as highly as other factors, such as disbursement or customer growth. Growth is rewarded only if portfolio quality is high.
Prices, terms and conditions of all financial products are fully disclosed to the customer prior to sale, including interest charges, insurance premiums, minimum balances, all fees, penalties, linked products, third party fees, and whether these can change over time.
Staff is trained to communicate effectively with all customers, ensuring that they understand the product, the terms of the contract, their rights and obligations. Communications techniques address literacy limitations (e.g. reading contracts out loud, materials in local languages).
Acceptable and unacceptable debt collection practices are clearly spelled out in a code of ethics, book of staff rules or debt collection manual.
The organization's corporate culture values and rewards high standards of ethical behavior and customer service.
A mechanism to handle customer complaints is in place, has dedicated staff resources, and is actively used. (Suggestion boxes alone are generally not considered adequate.)
Customers know how their information will be used. Staff explains how data will be used and seeks permission for use.
+ Cost of services to clients
Declining balance interest method
+ Social responsibility to staff
+ Human resources
Transparency on salary (a clear salary scale based upon market salaries)
Benefits (medical insurance, pension contribution)
Protection at work (safety, anti-harassment)
Equality (anti-discrimination, equal pay for men and women with equivalent skill levels)
+ Basis of staff incentives related to social performance
Ability to attract new clients from target market
Portfolio quality
+ Social responsibility to the environment
+ Poverty measurement tools in use