LOCFUND | Evolution and Achievements
LOCFUND, which today celebrates its positive results, is a fund that granted USD 69 million in loans to Microfinance Institutions (MFIs) in Latin America and the Caribbean, including 10 Peruvian MFIs, whose investors are IDB / MIF (multilateral institution), CAF –Development bank of Latin America-, FMO (Dutch development fund), Norfund (Norwegian development fund), BIO (Belgium development fund), Responsability, Gray Ghost, and Hyos Invest Holding. LOCFUND is managed by BIM Ltd. (www.biminvestments.com), an impact investment manager and part of the Panamerican Group.
LOCFUND LP disbursed the equivalent of USD 69.2 million in 99 loan operations in local currency to 45 MFIs in 13 countries in Latin America and the Caribbean, translating into a total of 92,521 loans to microentrepreneurs or end clients of the MFIs. Of this number, women microentrepreneurs accounted for more than 60%. Additionally, the average loan granted by Locfund clients remained around USD 1,000, which shows the commitment of these institutions to more vulnerable sectors. In this way, LOCFUND LP managed to meet its social objectives established at the time of its constitution.
LOCFUND made disbursements to MFIs in 13 countries in Latin America and the Caribbean, with Peru being the country with the highest activity followed closely by Ecuador, Bolivia, Honduras and the Dominican Republic.
With the support of several of LOCFUND’s investors, BIM created two new funds to continue accompanying MFIs in their development: Prospero Microfinanzas Fund (USD 23 million) and LOCFUND II (USD 62 million).