ImpactAlpha, October 22 – Mexico City-based Financiamiento Progresemos is a non-bank financial institution that serves Mexico’s micro- and small- entrepreneurs. Since launching in 2006, it has accrued a loan portfolio of $115 million and served 120,000 borrowers in 22 Mexican states. Ninety percent of its customers are rural and 80% are women, according to Mexico’s microfinance network ProDesarrollo.
Belgium-based Incofin, a $1 billion impact asset manager, is backing the company with $10 million through two of its investment initiatives: agRIF, a fund that invests in financial service providers for smallholder farmers, and Volksvermogen, which supports microfinance organizations.
The capital will help Progresemos expand its rural footprint and increase agriculture-based lending.