Un Enfoque de Sistemas Financieros para las Microempresas

The paper argues that microenterprise finance should be treated as part of the development of the financial system, in order to reach large numbers of people without a need for large continuing subsidies. The financial systems approach treats microenterprises as a market, offering a product with attributes clients want at a price that covers costs. The approach aims for financial viability of lending institutions, and it stresses that savings are equal in importance to credit. The report describes principles of credit delivery that have proved effective with poor clients. It also examines the prospects for financial viability among the nongovernmental and financial institutions that provide microenterprise finance. Suggestions are made on institutional support requirements, the role of donor organizations, and government policies to support growth of financial services for microenterprises