WCCN Visits MiCrédito
By: Humberto Galo Romero
Miguel Jongewaard and Cinthya Verastegui, representatives of Working Capital for Community Needs (WCCN), visited MiCrédito to assess the institution’s operational performance and to evaluate the possibility of developing new loan products.
“WCCN began in Nicaragua 32 years ago with a mission to help the poor, and after a few years it became a fund with presence throughout Latin America. Still, we have a high concentration of clients in Nicaragua, since 23% of our portfolio is here,” outlined Jongewaard. He added that WCCN’s relationship with MiCrédito began four years ago.
“We have US$ 2.5 million in Nicaragua. Prodesa is our largest client, followed by MiCrédito," noted Jongewaard
Representatives of MiCrédito and WCCN visited coffee producers in Jalapa, Nueva Segovia. Jongewaard noted that as a funding institution, WCCN is always evaluating new options that will bring returns to their investors.
“In Latin America, interest rates are falling, the microfinance sector is more mature, and both local and international banks are opening. We, as a fund need to find ways to continue bringing returns to the investors. The only way to achieve this is to develop new products, for example in the agriculture, renewable energy, housing, and health sectors which have high social impact and provide good returns for investors."