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History

MicreditoMiCrédito was founded on July 1st, 2004. The current management team and its partner, the Mennonite Economic Development Associates (MEDA), have been involved in micro-lending in Nicaragua since 1990 through Fundación CHISPA. This foundation became one of the most successful programs in micro-lending during the 1990’s. In 2000, it partnered with other investors to establish the first regulated MFI in the country, named CONFIA, which included CHISPA’s loan portfolio and a 10-branch network with 70 trained and experienced staff members as the core components for the new financial institution. Through this partnership with outside investors, MEDA and the Management Staff at MiCrédito were able to obtain knowledge on how to function in a demanding regulatory environment in Nicaragua. In November 2002, MEDA decided to sell its shares in CONFIA to one of the other partners in order to help recapitalize CONFIA and bring in new funding to grow the institution.

In 2004, MEDA established a new financial organization called MiCrédito to provide an improved level of service and to target the underserved rural market in Nicaragua. Some of the key staff that participated in the original CHISPA were instrumental in creating MiCrédito. 

MiCrédito management dedicated over eight years to building institutional capacity and in September 2012, the organization incorporated as a share-based company. Furthermore, in 2013 MiCrédito was officially approved by Nicaragua's new microfinance regulating body, CONAMI - the National Comission of Microfinance in Nicaragua. MiCrédito is looking forward to working alongside its clients, partners, shareholders and CONAMI to continue to provide social and financial support to Micro and Small Entrepreneurs.