On 25 April, FMO closed a transaction with Mitra Bisnis Keluarga Ventura (MBK) located in Indonesia. This is the third loan provided by FMO, growing together with MBK to further expand its loan portfolio from USD 23mln and 248,000 clients in 2011 to USD 136 million and 915,689 clients in the first quarter of 2017.
MBK is a non-banking financing company that provides typical Grameen-model microfinance working capital to low-income households in Indonesia, specifically rural areas of Java. FMO's loan is highly inclusive and will provide for very small working capital (on average only US$200 per client) to the bottom 25% of the population in Indonesia (by income), with the intention of stimulating the development of small business. Unique to MBK is that not only all of MBKs clients are female and in addition all field staff are also female.
MBK is the first microfinance institution in Indonesia financed by FMO in 2012. MBK has remained close to its mission through the years and has obtained the SMART Campaign certification, adhering to the Client Protection Principles.