Historical Background

FODEMI “Fondo de Desarrollo Microempresarial”, began its activities on May 05, 1995 as a non-profit organization authorized by the Ecuadorian Ministry of Labor Affairs. Its first actions were focused on a direct attention to beneficiaries from the “Area Development Projects” (ADP) sponsored by World Vision Ecuador in the northern region of the country.

World Vision´s Coordinator Unit that was located in Ibarra at that time carried out a meeting working with all the actors involved in the development of microenterprises and productive activities with the objective of creating an organization aimed to improve social and economic conditions of the poorest people. The first organization´s regulations were enacted together with proposals meant to incentivize the productivity of the ADP inhabitants. This was the foundation upon which the FONDO DE DESARROLLO MICROEMPRESARIAL (FODEMI) was born as a means toward the attainment of micro-enterprise development.

FODEMI, during its first year of operation, granted a total of USD 85.731 (254 loans) in direct benefit to 278 clients, with active holdings in the amount of 111.265 dollars. An organizational re-structuring process was started in July 1997 with the purpose of obtaining better outcomes. World Vision staffers with skills in finances joined the Directory Boards as part of the new structure. In that year, the first FODEMI branch office was opened in Latacunga city, province of Cotopaxi as a necessary step towards the provision of credit in sectors currently supported by World Vision.

More staff members with adequate knowledge in the provision of micro-credits were hired as FODEMI developed its work in the zone. Such staff gives adequate services to clients and has made changes to improve and increase the speed of the loan granting processes. FODEMI has also increased its coverage in favor of a greater number of clients thanks to the application of processes such as the creation of new loan methodologies; wider service coverage in the ADP influence area and in urban zones and loans focused principally to women and heads of family in general.

Aware of the deep poverty endured in the sector of Otavalo, FODEMI opened a branch office in this city on June 26, 2000 in order to provide a better service to clients from the Maquipurashum ADP sponsored by World Vision.

An office was also created in the city of San Gabriel, province of Carchi in March 2004 due to of the growing demand for our credit services in the zone.

FODEMI opened a new Point of Sale in the city of Machachi on September 5, 2005, in an effort to improve the quality of life for people in need by providing microcredit to develop their microenterprises.

A new Point of Sale in the city of Ambato was created to serve the population who live in areas where World Vision has ongoing Area Development Programs in the province of Chimborazo as UOCIC, Palmira Tixán, Tikisambi, Achupallas Barley , Pungal, Guano San Isidro. After a few years this point of sale became a branch.

Due to the growing demand for our credit services in the north zone, FODEMI expanded its coverage with the opening of the Point of Sale Pimampiro on March 5, 2006.

On September 10, 2008 the foundation achieved one of its objectives, opening a point of sale in the city of Cayambe, which generated the development of microenterprises in this sector.

For easy access to financial services for people who live in the central area of Ecuador the Point of Sale Salcedo was created on November 3, 2008. After that, February 2, 2009 the Point of Sale in Riobamba was opened.

Under the premise of serving the poor people and considering the high number of credit transactions in the city of Tulcán a new Point of Sale was created there on March 1, 2009

The main FODEMI office is currently located in the city of Ibarra, in the same building as the Ibarra Agency. This is a modern building that facilitates an efficient service to our clients.

FODEMI has become a solid organization that provides support to its clients day after day with the aim of achieving their human development through our mission, vision, corporative values and the deep commitment of the staff members to the organization and our clients.