Institution Name:
Société Générale de Solidarité
Area of Activity are:
Microfinance
Website:
http://www.sogebank.com/index.php
Main Contact Information:
Daphne Loussaint
daphne.louissaint@gmail.com
509-3727-6100
General Manager
HESAR Support Received from FOMIN:
US$82,200
Total Support this institution still needs to raise from other donors:
US$137,000

Objective

Strengthening the institutional capacity of Société Général Haïtienne de Banque S.A. (SOGEBANK) to design, establish and profitably operate an affiliated company which specializes in lending to small and microentrepreneurs. The project allowed SOGEBANK to carry out the needed studies to design its downscaling approach to enter in Microfinance including, the design of appropriate credit methodology, install a specialized management information system, acquire strategic partners, and obtain technical management assistance, all of which were installed in the new affiliated entity to be created (SOGESOL) within the Sogebank group. This was the first FOMIN Line of Activity for Microenterprise in Haiti, and was absolutely critical for forming the first specialized microfinance company in Haiti. It was executed satisfactorily in a very difficult environment according to a downscaling approach. SOGESOL was created as planned, and continues to be a leading microfinance bank in the country.

Partners

Société Général Haïtienne de Banque S.A. (SOGEBANK)

Funding

US$300,000 FOMIN and US$380,000counterpart financing

Beneficiaries

More than 5.000 low-income small and micro entrepreneurs in urban areas of Haiti, principally Port-au-Prince.

Objective:

The HESAR for SOGESOL should help it maintain the quality of the portfolio that they have been able to build successfully over the last 10 years. The initial credit portfolio assessment reveals that 68%  of the credit portafolio is currently affected and the HESAR will address the reestablishment of lost office infrastructure and information and communications technology to keep operating.

FOMIN funding committed:

US$82,200

Why is FOMIN supporting SOGESOL:

As a microfinance company whose success depends on accurate and timely information about their clients, and providing agile services to their clients, SOGESOL must have minimum operational and communication infrastructure to function properly and reduce the risk of deteriorating the quality of the portfolio that they have been able to build successfully over the last 10 years. SOGESOL has lost office infrastructure, information and communications technology and equipment needed for portfolio and client monitoring, motorcycles (more than 20 motorcycles were parked in the building that was destroyed) needed to get into the affected areas to follow up with clients and gather information on their current needs and loans.  All of these are critical for getting back to operational status, as their most important asset is their portfolio and clients, which must be attended to immediately. In addition, they must create a safe and reliable work environment for their employees, who are the key to meeting the needs of their clients.  Many employees are fearful of returning to work in the existing buildings and are suffering from the traumatic psychological effects of the earthquake, and SOGESOL requires support from counselors and engineers to reassure and support their employees as they return to work.  With the relatively small amount requested, SOGESOL can have a big impact in getting their operations back to the minimum needed to meet the needs of their employees and clients.

What is being funded?

Services
Engineering emergency services for Sogesol infrastructure assessment and usage safety
US$600
New equipment for satellite link to wireless internet
US$3,600
Sogesol staff counseling sessions
US$3,000
Total
US$7,200
Office Infrastructure
Laptops for affected office branches
US$24,000
Consolidation system server for all of SOGESOL
US$8,000
Branch office servers
US$8,000
Total
US$40,000
Transportation Logistic
Replacement motorcycles
US$35,000
Total
US$35,000