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In 1997, FUBODE (Bolivian Development Foundation) began helping Bolivian families raise their incomes and overcome economic challenges through hard work, specifically in agriculture, livestock, handicrafts, small industry, services, and local trade. Our focus is on vulnerable people who are in greatest need, such as women living in rural areas.
FUBODE is taking advantage of an opportunity to become a government-regulated financial institution in Bolivia, which will increase its ability to serve more loan clients and offer more services. Currently, clients’ savings are placed in a commercial bank, which uses the money for its own profit.
As a government-regulated financial institution, FUBODE will be able to receive its clients’ savings, benefiting the microfinance institution and its borrowers with an expanded pool of capital to reinvest into more client businesses. FUBODE also will be able to receive loan repayments from clients of community banks—groups of 20 to 30 people partnering together to access financial services—who currently make payments to commercial banks. The ability for rural FUBODE clients to make repayments directly to a FUBODE branch in their community will result in cost and time savings for the clients. Clients also will benefit from services, such as loans, savings, money transfers, remittances, and payment of utilities.
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