Banesco Community Banking improves micro-enterprises and quality of life

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Banesco Community Banking improves micro-enterprises and quality of life

17
Nov,2010

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As says Juan Carlos Escotet Rodriguez, Chairman of the Board of Directors of Banesco Banco Universal, our efforts do not diminish in a task that, given our characteristics as a society, is a long-term one: massive bancarization. More than 60 percent of the Venezuelan population has still not entered into the traditional financial circuits, with the serious consequences that this implies for their wellbeing and that of the economy in general.

During 2009 we increased the client portfolio of Banesco Community Banking by more than 60%; at the close of the year we had more than 93,000 community accounts and almost 50,000 working loans. The majority of our clients did not have before a banking relationship, managed an account or received a loan.

The efforts of our Community Banking have allowed the advancement in the formalization of many micro-enterprises, improving the management of their business and, as a consequence, raising their quality of life by improving the stability of their source of income and their formation as entrepreneurs. In that regard and through strategic alliances with several NGOs, we have offered two Formation Courses for Micro-entrepreneurs in Financial Matters, and we continue offering consultancy on topics such as investment, banking transactions, balance sheets and applications. As a result, Escotet said, many of the participants not only have expanded and consolidated their small businesses, but also in many cases have launched others, improved significantly their quality of living, and have recommended to their acquaintances to join Banesco Community Banking.

A study on the social impact of Banesco Community Banking offered very satisfactory results: an important portion of micro-entrepreneurs have seen their profits grow, have generated employment, repaired their homes, and now they are taxpayers; just as important as the above, they have increased their level of participation in their respective communities, thereby strengthening the social fabric and cooperation.

You can read Banesco’s latest Corporate Responsibility Report in English at http://www.banesco.com/pdf/RSE_2008_INGLES.pdf

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