ProCredit banks worldwide provide financing to micro and small businesses, many of which belong to the informal economy and lack conventional accounting systems and financial statements. In 2005, the IIC granted a loan to Banco ProCredit in Ecuador along with similar loans to Banco ProCredit Nicaragua, Banco Los Andes ProCredit in Bolivia, and Banco ProCredit El Salvador. These loans were made in conjunction with technical assistance from the MIF. The first IIC loan to ProCredit in Ecuador has been repaid in full. ProCredit is now seeking to improve the quality and diversity of its products and services and asked the IIC to renew the loan and change some of the terms to reflect market conditions and the successful placement of the proceeds of the initial loan. ProCredit Ecuador has grown faster than average for the market, becoming one of the leading microcredit institutions in Ecuador. Its efficiency and other indicators are among the best in the region as a whole.
Banco Procredit Ecuador
United States Dollar