Incofin Microfinance Fund invests USD 1 million in Credisol, a Private Financial Development Organisation in Honduras. Credisol was established in 1999 after Hurricane Mitch destroyed a large part of North Honduras. Today, the organisation has more than 14,000 active customers and a portfolio worth USD 21 million.
The organisation offers 11 different products that meet the diverse needs of all their customers. Credisol focuses on customers in the low-income range, with small businesses such as shops, and farmers who grow crops such as palm, citrus, rambutan and coffee. They also provide funding for solar panels or housing. In 2015, Credisol launched a savings product.
Credisol is mainly present in the North of Honduras, and reaches many customers in the more rural areas (up to 75%) and smaller villages. The organisation would like to expand further to other parts of the country, and recently opened their first branch in Western Honduras. Credisol currently has 17 branches and 24 sales points, which they would like to expand with 25 new locations in the coming year.
Credisol has a strong social mission, and contributes to various initiatives relating to rehabilitation, donations for new technologies, the fight against cancer and clothing donations.