By Zacary Smucker-Bryan | Investor Relations and Communications Manager
All of the microfinance partners we invest in provide more than just microloans to their members, clients, and constituents. They often provide other financial services like savings, pensions, insurance, and remittances/money transfers, in addition to things like education, health services, and business training. COOPEFACSA is no different, and these services have made a huge difference in the community they serve. In much the same way, WCCN, being a mission-driven organization, has always provided more than just financing to its partners. We often work with the staff of the organizations we finance to improve their systems, understand best practices in the microfinance field, and increase their ability to properly manage and report on the impact of their loan from WCCN. We (meaning YOU and WCCN staff/volunteers) made this project happen together, and I wanted to thank everyone for donating - it has made such a big difference!
Meeting the End-Borrowers
Francisco, Director of Operations, Latin America, and myself visited with borrowers to hear their stories and how access to credit and other services has impacted their lives. This included a pilot of a social impact survey, to be expanded later with COOPEFACSA and other WCCN partners (more on that in later updates). The results were amazing to hear!
One borrower, Miguel, is a 71-year-old farmer and rancher in Los Pintos and has been a member of COOPEFACSA since 1996. Like all members, he received education about the responsibilities and opportunities of cooperative governance, and has contributed to the leadership of the organization to better serve the members of his community. Utilizing the credit and services from COOPEFACSA, he has been able to build a ranching business from the ground up. His most recent loan is for starting a sharecropping operation utilizing a neighbor's coffee fields. In addition, he said "access to credit has provided me the opportunity to increase my business income and have a better education for my children. Some of my adult children now have employment with me working on my ranch."
Providing Capacity Building
Martin, Senior Credit Advisor with WCCN, and John, WCCN Board Member and Program Related Investment Committee chair, met with COOPEFACSA's management to discuss ways for WCCN and COOPEFACSA to grow together in impact. Much of this included asking thought provoking questions of the COOPEFACSA staff that caused them to examine their operational model for serving their members. Martin provided training on how to best conduct a strategic planning exercise to examine the core aspects of their business, including a competitor analysis that informs their strategy. In incorporating these suggestions and best practices, COOPEFACSA will ensure its financial sustainability so it can continue to grow and serve more small-scale farmers and entrepreneurs.
It was a great visit, and the dialogue between our two organizations is ongoing on how to best grow in impact. Thanks again for supporting the working poor in Latin America. Until next time, and in service,
- Zac
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