Banco Económico serves nearly 150,000 customers in Bolivia, with a mission to expand opportunities for micro, small and medium enterprises (MSMEs).
Based in Santa Cruz, Bolivia, Banco Económico was founded in 1991 by a group of entrepreneurs looking to fulfill the financing needs of MSMEs, which were not being well-served by the banking sector. Since then, the organization has grown exponentially, expanding to 44 branches throughout Bolivia and serving almost 150,000 customers. Although the bank today serves all segments, its primary mission remains to expand business opportunities for the country’s MSMEs.
Banco Económico recently entered into an MSME Financing Partnership with the Inter-American Development Bank (IDB) in an effort to expand access for women-owned MSMEs in Bolivia. Through the program, the IDB is providing Banco Económico with up to US$12 million to finance MSME loans of less than US$500,000. The bank is also receiving technical assistance from the IDB’s Multilateral Investment Fund (MIF) through its women entrepreneurshipBanking initiative. In addition, Banco Económico offers an award-winning training program for MSME owners, called “E-Business, Working Together.”