Cooperativa de Ahorro y Credito Financiera Avances R.L.

Gross Loan Portfolio USD, 2010: 3.2 million

Number of active borrowers 2010: 2,109

Average loan balance per borrower USD, 2010: 1,520.3

Deposits USD, 2010: 3.9 million

Assets USD, 2010: 5.5 million

Number of depositors 2010: 11,960

Mission:

Promover el espíritu empresarial en la Familia Cooperada y la Autosostenibilidad Financiera de la Cooperativa y de los Asociados. Promover los servicios de Calidad, brindando el respaldo necesario y adecuado a los asociados a través de la calidad de los servicios y beneficios adicionales como ... Read more

Background and Main Challenges:

Ser una institución financiera confiable, sólida, tecnológicamente moderna, protectora del medio ambiente y emprendedora del desarrollo empresarial.

Address:

Alcaldía Municipal 1/2 c. oeste Sto. Tomás

Santo Tomás

Chontales

Nicaragua

Phone:

(505) 2519-2156

Fax:

(505) 2519-2651

Email:

favances [at] turbonett [dot] com [dot] ni

Main Funding Sources:

Ahorros

Products and Services:

Préstamos

Ahorro voluntario

% Operations Comprised by MF:

91 - 100

Date established:

Jan 18 1975

FYE:

30-Jun

Current Legal Status:

Credit Union / Cooperative

Regulated:

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
Clients living in urban areas	1
Clients living in rural areas	2
+ Development goals (ranked by importance)
Increased access to financial services	1
Employment generation	2
+ Poverty targets
No specific poverty target
+ Governance
+ Range of products and services
+ Financial products and services offered
+ Credit products offered
Microcredit loans for microenterprises
Microcredit for household needs/consumption
Loans for agriculture
Housing loans
+ Savings products offered
Voluntary savings accounts
Fixed term deposits
+ Compulsory insurance products required
+ Voluntary insurance products offered
+ Other financial products and services offered
+ Non-financial services offered
+ Enterprise services offered
+ Education services offered
+ Health services offered
+ Women's empowerment services offered
+ Products and services targeting the poor
Products and services specifically designed to target 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.
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).
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)
Equality (anti-discrimination, equal pay for men and women with equivalent skill levels)
+ Basis of staff incentives related to social performance
+ Social responsibility to the environment
This institution raises clients' awareness about environmental impacts
+ Poverty measurement tools in use

Partnerships

Former
Name	Relationship
Central de Cooperativas de Ahorro y Crédito Financieras de Nicaragua	Network Affiliation

MFI Report