ACCION launches microfinance operations in inner Mongolia

Microfinance Monitor, March 5, 2010: ACCION International has inaugurated ACCION Microcredit China (AMC) in Chifeng Prefecture, Inner Mongolia, to deliver financial services to the region’s working poor.  AMC officially opened its doors in early December, and is making microloans to local entrepreneurs.

ACCION Microcredit China is the first foreign-funded microcredit company in Inner Mongolia, and only the second foreign-funded microcredit company in China.  It is also the first microfinance institution in which ACCION has taken a majority share.

AMC has been established to test and adapt ACCION’s expertise in individual lending methodologies to the unique needs of Chinese microentrepreneurs, said a statement.  ACCION Microcredit China is expected to provide working-capital and fixed-asset loans in Chifeng amounting to 1,000 RMB (US$ 150) or more.

“We are very excited to help launch the microfinance industry in China,” said Michael Schlein, President and CEO of ACCION.  “Our new operations in Chifeng demonstrate ACCION’s commitment to enter some of the world’s most challenging and underserved regions, to help bring financial access to people most in need.”