FMO has closed a USD 10 million loan for Banco Popular, to support micro-entrepreneurs in rural areas in Honduras. The facility will be denominated in Honduran Lempiras.
FMO believes that access to finance for micro and small enterprises contributes to economic development. With this long-term financing FMO supports Banco Popular in its mission to extend access to small enterprises and contributes to the stability of the Honduran financial sector. Banco Popular is part of the Honduras Sustainable Banking Initiative, a sector initiative supported by FMO, which promotes the adoption of international standards and best social and environmental practices for financial institutions.
Huib-Jan de Ruijter, Director Financial Institutions of FMO commented: "FMO is proud to partner with Banco Popular to build local prosperity through financing micro and small enterprises. With this loan, we contribute to reducing inequalities by increasing the Micro and SME lending in the Honduran rural areas".
Diego Moncayo, General Manager of Banco Popular, stated: "This loan will allow us to continue enhancing our operations, to reach our targets and to deliver efficient financial services to more families, further and deeper in the Honduras microfinance markets. We are very thankful to FMO and its executives for trusting us and Honduras."
About Banco Popular
Banco Popular is a regulated Micro Financing Institution that focuses on alleviating poverty in Honduras; it offers a broad range of products to the micro, SME and consumer segments. The bank serves more than 100,000 clients, out of which more than half are women. For more information: please visit http://bancopopular.hn/
