Corporación Mundial de la Mujer-Medellín (WWB-Medellín)is a Microfinance Institution dedicated to creating and strengthening the regional economy by providing microentreprenuers, especially women, with timely and competitive access to credit and other financial services. WWB-Medellín serves as a resource affiliate for others in the WWB network.
- Technical Support: Technical services are designed to help strong microfinance institutions build strategy; strengthen their organization and operations; and design and implement new products and processes.
- Financial Products and Services: These are designed to help eligible core network members mobilize commercial resources and achieve high-levels of integration in financial markets.
- Policy Change Activities: Initiatives are aimed at transforming financial systems to benefit the poor, through the development of a conducive policy environment and concrete legislative action, and by building coalitions of microfinance organizations and engaging with policymakers and other stakeholders.
- Linkages and Learning: Activities include workshops, exchanges, and innovation partnerships, all designed as a way to transfer knowledge and to reinforce WWB's mission.
WWB-Medellin provides three types of loans:
- Basic loans: Individual loans where the loan size is determined based on cash flow analysis and repayment capacity.
- Seasonal loans: Very short-term loans with the objective of providing more liquidity to acquire stock to meet the demands of special holidays.
- Automatic loans for repeat customers: When clients have a proven repayment record, and have taken out three prior loans, they become eligible for automatic loans, with no assessment.
WWB-Medellín has a head office and six branch offices that provide financial and credit services to the low-income population of Medellín, Columbia and the surrounding metropolitan area. WWB-Medellín's client base consists mainly of microentrepreneurs and low-income women. Of WWB-Medellín's current 21,468 active borrowers, about 67% are both women and low-income individuals. 100% live in major urban areas, defined as having a population of over 1 million. These borrowers primarily work in three main sectors of the economy: commerce and trade (58%), manufacturing and production (25%), and service (17%).
WWB-Medellín has done a stellar job in creating access to credit for low-income women in the informal sector of Medellín. WWB-Medellín has nearly doubled its portfolio to US$10 million and has remained consistent in areas of growth. In addition, WWB-Medellín has high efficiency levels with operational self-sufficiency at 133% and financial self-sufficiency at 122%. WWB-Medellín's performance has outperformed the corporate portfolios of commercial banks in the area, which is noteworthy given the recent financial troubles in Colombia. WWB-Medellin has also shown resilience through its ability to access the local finances, thus creating a genuine relationship with the communities its serving.
María Emperatriz Mosquera Rivas is 34-years-old, and the divorced mother of three children. She has degrees in public administration and in food science; however, despite her training in these areas, she couldn’t find work. Then, with help from a neighbor she decided to start her own tamale business. As her business took off, María sought and received a loan from WWB-Medellín. Today, her success continues and life for María and her family has improved immensely. Full Story