The objective of the project was to strengthen MCN in its efforts to expand services to rural and underserved microfinance markets in Haiti, by supporting the technical and operative capacity of MCN to expand its geographic coverage and number of clients served, through the development of a network of branches, the design of new credit products, and increases in the efficiency and quality of its operations. Project activities were grouped in the following areas: branch expansion and consolidation; development and implementation of new credit products; and strengthening MCN’s organizational structure, human resources and operational capacities.
MCN
US$300,000 FOMIN and US$206,000 counterpart financing
As of the end of the project December 2009, MCN was servicing about 12.000 active clients. These are mostly low-income microentrepreneurs, of which about 65% live in the metropolitan area of Port au Prince and other areas affected by the earthquake. When MCN started the FOMIN project in 2002 it had 4.500 active clients.
The HESAR to MCN seeks to support the microfinance institution in the reestablishment of its operations and the provision of financial services to its clients.
US$133,000
As one of the leading microfinance institutions in Haiti, MCN has a particular challenge to reestablish its operations in the regions hit by the earthquake where it has about 65% of its clients. Its continued operations will keep the provision of microcredit services to its clients, who are mostly low-income individuals. Credit is of particular importance at this moment of crisis, to allow microentrepreneurs to finance its investment and working capital, in order to restart their economic activities and generate income for their families. The infrastructure of three of MCN’s key branches was destroyed, and with it furniture, information systems equipment (computers) and vehicles needed for the provision of these services. MCN is finding new space for its branches, and needs to re-equip its branches, in order to restore its financial services, as well as to maintain control of its existing loan portfolio. The expenditures supported with the Emergency Allocation Support will enable MCN to purchase the lost equipment, including information technology (computers), office furniture and a vehicle to put its three branches in operations. Some tents will provide temporary shelter for its staff. The requested amount covers only part of the overall post-earthquake needs of MCN, but provides support with critical items that will help restore services.