Triodos Microfinance Fund has made a USD 7 million loan to Mi Banco in El Salvador, a cooperative bank that provides payroll deduction loans to low and lower-middle-income government employees.
Mi Banco is one of El Salvador's fastest-growing cooperative banks, serving over 10,000 borrowers and 25,000 depositors through a network of ten branches and digital outlets. Furthermore, Mi Banco provides loans to municipalities for the implementation of high-impact projects such as road building connecting isolated or less accessible villages and the creation or improvement of sanitation facilities.
Customers with monthly incomes of less than USD 500 can borrow money for education or healthcare, to expand or enhance their homes, or to start a small business to improve their financial situation. Customers can also open a savings account, get life insurance, and pay taxes, fees, and basic services through Mi Banco.