Cooperativa de Ahorro y Credito La Benéfica

Mission:

Brindar servicios y productos financieros de ahorros y crédito que respondan a la necesidad de los socios y mejoren su vida a través de una gestión eficiente, honesta y solidaria.

Background and Main Challenges:

Ser la Cooperativa de Ahorro y Crédito más competente de la región, reconocida por el sistema financiero nacional, que satisfaga los requerimientos de sus socios y clientes, con un gran espíritu solidario.

Address:

Av. Chone y Calle Calderón

El Carmen

Manabí

Ecuador

Phone:

05-2660824

Fax:

05-2660824

Email:

la_benefica [at] hotmail [dot] com

Main Funding Sources:

Loans

Products and Services:

Loans

Voluntary Savings

Insurance

Funds Transfer Services

Training and Consulting

Looking for (Investment Types):

Donations

Guarantees

Date established:

Aug 11 1994

FYE:

31-Dec

Current Legal Status:

Credit Union / Cooperative

Regulated:

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
Clients living in rural areas	1
Women	2
Clients living in urban areas	3
+ Development goals (ranked by importance)
Housing	1
Gender equality and women's empowerment	2
Poverty reduction	3
Employment generation	4
Growth of existing businesses	5
Development of start-up enterprises	6
+ Poverty targets
Low income clients
+ Governance
Has trained members of its board on social performance management
+ Range of products and services
+ Financial products and services offered
+ Credit products offered
Microcredit loans for microenterprises
Microcredit for household needs/consumption
Loans for agriculture
Loans for education
Housing loans
+ Savings products offered
Voluntary savings accounts
Compulsory savings accounts (cash collateral)
Fixed term deposits
Special purpose savings accounts
+ Compulsory insurance products required
Compulsory credit life insurance
FONDO MORTUORIO
+ Voluntary insurance products offered
Voluntary life insurance
+ Other financial products and services offered
Debit/credit card
Remittances services
+ Non-financial services offered
+ Enterprise services offered
+ Education services offered
+ Health services offered
+ Women's empowerment services offered
+ Products and services targeting the poor
Products and services specifically designed to target the poor:
+ Social responsibility to clients
+ Client protection principles in use
The loan approval process requires evaluation of borrower repayment capacity and loan affordability. Loan approval does not rely solely on guarantees (whether peer guarantees, co-signers or collateral) as a substitute for good capacity analysis.
Productivity targets and incentive systems value portfolio quality at least as highly as other factors, such as disbursement or customer growth. Growth is rewarded only if portfolio quality is high.
Prices, terms and conditions of all financial products are fully disclosed to the customer prior to sale, including interest charges, insurance premiums, minimum balances, all fees, penalties, linked products, third party fees, and whether these can change over time.
Customers know how their information will be used. Staff explains how data will be used and seeks permission for use.
+ Cost of services to clients
Declining balance interest method
+ Social responsibility to staff
+ Human resources
Transparency on salary (a clear salary scale based upon market salaries)
Equality (anti-discrimination, equal pay for men and women with equivalent skill levels)
+ Basis of staff incentives related to social performance
Portfolio quality
+ Social responsibility to the environment
+ Poverty measurement tools in use

Partnerships

Current
Name	Relationship
RFR	Network Affiliation

MFI Report