The Microenterprise Development Fund FODEMI began its activities as a non-profit institution, on May 5, 1995, through Ministerial Agreement No. 139, issued by the Ministry of Labor. Its first steps were directed to the direct attention of the beneficiaries located in the Area Development Projects (PDA) of World Vision Ecuador, located in the north and center of the country.
The Coordinating Unit of World Vision, located at that time in the city of Ibarra, holds a working meeting with those who are related in areas of microenterprise development, banking, productivity in order to plan and organize the creation of an organization that allow to improve the socio-economic conditions of the most needy classes. This is how the first statutes of the organization are structured, simultaneously making proposals to encourage the productivity of the people who made up the PDAs. With this base directed towards community economic and social development, the MICROENTERPRISE DEVELOPMENT FUND (FODEMI) was born, whose initials are perfectly identified with the purpose and objective that the institution seeks, such as, to promote the development of microentrepreneurs through services.
In its first year of management, FODEMI delivered 254 loans worth $ 85,731 dollars, thus benefiting 278 clients, achieving an active portfolio of $ 111,265. In an effort to obtain better results, as of July 1997 a process of restructuring of the Organization is carried out, starting with the Board of Directors; Within this change, World Vision staff with knowledge of microfinance are incorporated. In this same year in the city of Latacunga, Province of Cotopaxi, the first FODEMI Agency was opened, the same one whose main objective is to meet the demand for loans in sectors that are also part of the community work of World Vision.
As the consolidation of FODEMI progresses, it is considered necessary to hire personnel with experience in the microcredit area, who with dedication and professional commitment provide adequate customer service, also achieving changes that allow to streamline, improve and streamline credit processes. At the same time, FODEMI increases its radius of action, reaching the growth of clients and its portfolio, which is achieved through processes such as: implementation of new credit methodologies, expansion of attention services in areas of influence of PDAs and the urban area, credit orientation aimed mainly at women heads of household.