FODEMI, continuously striving to help those most in need, has recently started working together with the UNHCR (United Nations High Commissioner for Refugees) to offer small loans to Colombian Refugees that reside in Ecuador. As part of this initiative, representatives UNHCR visited FODEMI Headquarters in Ibarra and the FODEMI branch in San Gabriel with the purpose of strengthening ties and enhancing understanding of current situation in Ecuador regarding refugees.

There are an estimated 250.000 refugees in Ecuador, of which most are of Colombian origin. Refugees, even when having legal status, cannot apply for aid from the Ecuadorian Government such as the monthly voucher for human development (Bono de Desarrollo Humano) that is available to locals living under the poverty line. It is also very hard for this group to obtain credit at financial institutions, due to their economic situation but also due to a strong prejudice that exists in Ecuador regarding Colombians.

FODEMI currently has around 80 clients who are refugees, with a portfolio of around $33,000.  By working together with the UNHCR, FODEMI hopes to keep expanding this client base so that together they can succeed in helping this vulnerable group of people who usually do not have access to credit.