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How do you support six children?

For Genet Tadesse and her husband, this was their obsession.
He had a steady job at a textile factory, but the income wasnt
enough to lift them out of poverty.
Then Genet learned of a German-funded training program for
the production of energy-efficient stoves. This paved the way for
a 2,000 ETB ($100) loan from ACSI, Africas largest
microfinance institution (MFI). Like microentrepreneurs around
the world, Genet saved, invested, borrowed more, and
diversified, adding brick production to her business mix.
Both businesses did well. Very well. So well in fact, that demand outstripped her supply. She knew shed hit
on a winning business model. Now she needed the production equipment to expand. And for the
equipment, she needed money 450,000 ETB ($22,500) for machinery and working capital more than
microfinance institutions typically provided.
But she had a credit history with ACSI. So even though they were a microcredit institution, she asked if a
450,000 ETB loan was possible. Thanks to the WEDP program, it was.
Like most MFIs, ACSIs focus was microcredit loans averaging around 3,000 Birr ($150). But they had
begun experimenting with larger, individual loans, and
successfully applied for access to the World Bank funded WEDP
credit line, targeting urban, female small business owners. The
My income increased tremendously
MFIs first WEDP loan was disbursed in February, 2014.
after getting the loan from WEDP

Taking her business reputation, ambition, loan history and


personal character into account, ACSI made her the loan. To
date, her projections are on track. The business has expanded
from 10 to 31 employees both full and part time. She now
produces nine different kinds of energy saving stoves and three different types of bricks.
The success of her business persuaded her husband to leave his job at the textile factory. He now works as a
coordinator for her business. My profits before the loan were 100,000 ETB per year, Genet says, but
after the loan, my profit has increased to 250,000 ETB per year. Her monthly expected loan and interest
repayment amount is Birr 14,909, and she has already repaid a total of Birr 208,726 to ACSI since
February, 2014. In addition, shes saving, making regular voluntary contributions to buy a car for the
business to reduce her transportation expenses.

ACSIs average WEDP loan size is 384,000 Birr. On average, manufacturing firms like Genets received the
largest loans. But all of ACSIs WEDP loans fall within Ethiopias missing middle, borrowers seeking loans
in the 50,000 1,000,000 Birr
range who were previously too
ACSI's Average Loan Size by
large for MFIs and too small for
Sector (ETB)
commercial banks.
600,000

Amhara Credit & Savings


500,000
Institution (ACSI) was initially
400,000
established in October 1995 as
300,000
a department with the former
200,000
Ethiopian Relief Organization
100,000
(ERO), the current Organization
-00
for Rehabilitation and
Development in Amhara (ORDA).
It was licensed by the National
Bank of Ethiopia as a micro
finance intermediary share company in April 1997.
To date, ACSI has accessed 139 million ETB (approximately $7 million) of the WEDP credit line and onlent
over 128 million ETB ($6.4 million) to women like Genet.
For more information, contact Fran Toomey-Mys at: frances_toomey-mys@dai.com or Francesco Strobbe at:
fstrobbe@worldbank.org