FINSOL

  • Location:  Recife, Brazil
  • Started microfinance operations:  April 2007
  • Unitus Partnership Start Date:  November 2007
  • Clients when partnership began:  17,000
  • Current clients served:  29,997

Website:  http://www.finsolhn.com/

Background: FINSOL Brazil was founded in 2007 with the mission of promoting the development of micro-entrepreneurs and microenterprises in Brazil through access to microfinance. A subsidiary of Financiera Finsol, a Mexican based MFI, Finsol Brazil is focused on reaching the vast number of poor micro-entrepreneurs living in the outskirts of cities around Northeast Brazil who have relatively little credit within their reach.

Leadership: Edgardo Salomon is the founder and CEO of Financiera Finsol, based in Mexico.  He has more than 30 years experience in the international financial sector, most recently as the Metropolitan Director of Banorte in Mexico City. Previously, he served as the Deputy Director at the Banco de Vizcaya and as Divisional International Director of the Miami National Bank. He was educated at the Republic University of Uruguay, where he received a Law degree.  In 2006, Mr. Salomon and the principals of Financiera Finsol decided to launch a microcredit entity in Brazil.

Product offerings and clientele: Finsol focuses on providing group microfinance loans to urban clients.

Highlights and growth strategy: The opening of Finsol Brazil marked the beginning of international operations for Mexican based MFI Financiera Finsol. Brazil’s active informal economy and strong entrepreneurial culture has proved highly conducive to microfinance. Since forming a partnership with Unitus in November 2007, FINSOL Brazil has grown from serving 17,000 clients to more than 54,000 – growing over 300% in a the span of 13 months (as of 12/31/08). 

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