Microfinance

Microfinance refers to the provision of financial services to low income groups. The most important service is micro-credit, that is small loans as low as US 10 dollars. These loans are usually given to people who do not have the necessary collatoral to get a loan in a traditional bank. Usually the money is used to start or finance a small business.

Storebrand operates with a number of pre-requisites for investing in Microfinance projects

• The project must be financially viable, so that our investment also creates returns for our customers.
• The loans, advice given and follow up of microfinance customers must meet high ethical standards

Storebrand's involvement in Microfinance began in 2005. Our investments are conducted in cooperation with established private and public actors in global projects.

As of 31.12.2008 we have entered into Microfinance commitments totalling 29 million US dollars and we are aiming to increase our investments in this area.

Our experiences so far with Microfinance have been extremely positive. In 2008 Storebrand took the initiative, along with other investors, to establish the Norwegian Microfinance Initiative (NMI). The fund is now operational and will carry out its first investments in 2009.

Own Grocery Store thanks to Microfinance