Finamiga is a Colombian microfinance institution in GP’s Productive Asset Finance initiative. Finamiga works to promote financial inclusion of microentrepreneurs and households at the bottom of the pyramid, particularly in marginalized areas affected by conflict, by offering products and services tailored to their needs.
Many microentrepreneurs and small-scale producers cannot afford the up-front costs associated with productive asset purchases and do not meet the lending requirements of traditional banks, constraining their ability to grow their business. In Colombia, only 14% of adults have borrowed from a formal financial institution, and that figure drops to 9% among the poorest 40% of the population.*