Las instituciones microfinancieras ante la crisis económica: La Fundación D-Miro como estudio de caso

Abstract

Abstract. For a long time, within the microfinance sector there was considerable debate on which target –sustainability or outreach– was more important. A number of experiences showed the feasibility of achieving both goals at the same time. However, in spite of the above, this debate could reopen as a consequence of the international crisis. It seems clear that many microcredit institutions would again become more dependent on external funding to continue their business. In this sense, they would then have to choose between sustainability and outreach. This might not always be the case. In this article we analyse the reality of an institution that, in a hard moment of financial crisis, has managed to remain independent of external funding while giving access to finance to poorest people.