Recovery Lending for Resilience in Guatemala
Recovery Lending for Resilience in Guatemala
Digital transformation and a strong program of recovery lending have been fully funded in Guatemala for FY21, allowing clients and communities to build back strong.
Recovery Lending in Guatemala
Guatemala lost approximately 1.5 million jobs during 2020 as a direct result of the pandemic, and VisionFund Guatemala has been focused on keeping its clients strong and stable in their businesses. Though its own lenders increased the interest rate during the pandemic, VisionFund Guatemala decided to maintain its interest rate, in order not to harm their clients and to continue providing development opportunities to the most vulnerable communities.
In the first two quarters of FY21, VisionFund Guatemala made 1,785 recovery loans (1,052 to women) valued around $4,006,437. Through these measures and through generous donated funds, our clients in Guatemala will have a chance to restore their livelihoods.
Digitisation in Guatemala
Full funding has been allocated to support VisionFund Guatemala’s digital transformation, where the Core Banking System is being updated to ensure greater efficiency for clients and staff.
VisionFund Guatemala is also implementing a ‘mobile agenda’ which will allow staff to gather client information in the field in partnership with a regional fintech. A pilot of the app was successfully carried out in one branch in December, with changes made to the system ready for training and roll out in the later quarters of FY21.
Empowered Worldview in Guatemala
Funding was allocated for VisionFund Guatemala to hire a Transformational Engagement Manager, to lead the Empowered World View training of clients and staff. Empowered Worldview is a training course that gives our clients an understanding and acknowledgment that we are created in the image of God and are invited to participate in what God is doing in the world, particularly during this time of recovery in the aftermath of COVID-19.
