Investment: Mikrofond

Mikrofond
In 2003, Mikrofond Foundation, a nonprofit technical assistance provider, transformed itself into Mikrofond EAD, the first private micro-lending institution in Bulgaria. The new entity, supported by a $3.0 million line of credit from Raiffeisenbank-Bulgaria and backed by a 75 percent guarantee from SEDF, has financed entrepreneurs in 215 municipalities, many of which have less than 20,000 inhabitants. In recent years, Mikrofond has reached out to vulnerable and marginalized groups with 30 percent of the credit line committed to Roma or other minority clients.

Why we invested
SEDF co-founded Mikrofond with the Open Society Foundation of Bulgaria. Our aim was to expand access to credit in rural areas and small towns that had a high percentage of marginalized populations, including Roma and Turkish minorities. Mikrofond is one of only a few financial organizations in the country that serve these segments of the population.

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