Babyoan Annual Report 2011 by Babyloan

2011

annual report

1st european solidarity microcredit platform

www.babyloan.org

Masthead Babyloan editorial office Pauline Bodin Florence de Maupeou Gaëtan Guyet Babyloan coordination Pauline Bodin Aurélie Duthoit Arnaud Poissonnier Graphic design and execution Anne Saunier (www.la-thenardiere.com) Photo credits Babyloan B. Paget 2011 Eric Couderc Fondation Grameen Crédit Agricole Finadev – Benin Chamroeun – Cambodia Cepesiu – Ecuador Afodenic – Nicaragua Edaprospo – Peru Gata Daku – Philippines Wages – Togo SEDA – Vietnam Asala –Gaza/Westbank Babyloan – 14, impasse Carnot, 92240 Malakoff contact@babyloan.org or +33 11.71.16.21.28 www.babyloan.org

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www.babyloan.org - annual report 2011

Sommaire Babyloan, a success story.............................................. 6

2011 highlights............................................................. 31

I Babyloan, an innovative social business ...............................7

I Babyloan celebrated its 3rd birthday!...................................32

What is the reality of social entrepreneurship? ........................ 7

I Babyloan’s pedagogical project Ma classe solidaire was launched ......32

• Babyloan’s business model................................................................7

Babyloan’s missions.................................................................. 8 • Giving microfinance a social meaning by involving the general public.....8 • Supporting field partners and measuring social impact...................8 • Making the general public more aware of new forms of solidarity...9 • Working with networks.....................................................................9

I The team and the partners ...................................................10 The team................................................................................... 10 • Arnaud Poissonnier : President and co-founder................................10 • Aurélie Duthoit : General Manager and co-founder..........................10 • Team picture......................................................................................11

I Solidarity Challenges for companies .....................................32 A positive spiral......................................................................... 33 I The « Babyloan Tours »..........................................................33 I Babyloan France : one year after...........................................33 I A significant media coverage................................................34

The awards obtained by Babyloan................................ 35 | The EDHEC Social Companies Award......................................35 I Babyloan was acknowledged social company........................35

The founders and social shareholders who support Babyloan............ 12

| The Finansol Label ..................................................................... 35

The strategic committee........................................................... 13

I Babyloan at the Parlement des Entrepreneurs d’Avenir.........35 | Microfinance in the G20........................................................36

Our action in 2011......................................................... 15 I Babyloan in the world...........................................................16 I Our field partners.................................................................18 What is a microfinance institution (MFI)? ................................ 18 What kind of relationship is there between Babyloan and the MFIs? ............................................................................................ 18 How does a MFI become a Babyloan partner? . ....................... 19

The Babyfund Fixed Rate 2013................................................ 20

I Arnaud Poissonnier member of the G20 YES entrepreneurs delegation.............................................................................36

Micro credits, great stories............................................. 37 I Three credits, three stories....................................................38 Vietnamese Memories ................................................... 38 I The Babyloanians.................................................................42 I Three examples of corporate involvement.............................42 MAIF partner of Ma Classe Solidaire......................................... 42

Our 11 partners in the field........................................... 21

Ben and Fakto turns its e-consumers into e-consum’actors! ... 42

Monitoring and grading MFIs.................................................... 22

A bio-tiful partnership.............................................................. 42

Balance on December 2011 31th.................................... 43

www.babyloan.org - annual report 2011

“Never believe that a few caring people cannot change the world. For, indeed, that’s all who ever have” - Margaret Mead

editorial..... London, December 2008. During a conference about MICROFINANCE, a specialist presented peer-to-peer microcredit and declared: “seriously, this is a gadget”… Four years later, thirty websites of this kind ensure 0.30% of the worldwide outstanding financing of microcredit and double their size every 12 to 15 months, thus reproducing a Moore’s law of their own. If they keep on growing at this speed, they might be able to finance 5 to 7% of the microcredit outstanding amount within 10 years. Not that bad for a gadget! This is partly thanks to you. Babyloan has become the largest European platform of this kind – and second worldwide. You lent nearly €3,000,000 to 8,500 entrepreneurs in 11 countries, thus you supported 40,000 persons all around the world. And as it keeps on accelerating, why not go the whole hog? Babyloan is a new way of helping and thinking, promoting alternative finance and solidarity. A deep restructuration of the system was promised during the 2008 financial crisis, so where are we on this? We have actually not gone very far but the values of sharing and solidarity are conveyed by initiatives like Babyloan and social entrepreneurship in general. Our objective is to make you a part of our work to build a genuine citizen bank that will help excluded people through finance. Each and every one of you has a part to play in this new world we are building. Many thanks! Aurélie Duthoit and Arnaud Poissonnier

Babyloan, a success story After three years of existence, the Babyloan team is pleased to submit a statistical report of the company activity. It shows the internet users’ enthusiasm and their contributions to this new form of solidarity: the solidarity-based loan. The loan outstanding has more than doubled in 2011, as it rose from €1,300,000 to €2,750,000!

Babyloan key figures*

14,500 8,500 83% Babyloanians members

Leverage effect of loans

the

web site

of the beneficiaries are women

your actions on

€3,000,000 lent to microentrepreneurs

€440

projects financed

babyloan.org

average amount of microcredit in developing countries.

100%

loans were paid back

* as of 12/31/2011

€1,300,000 invested

What is microfinance? Microfinance is a set of financial services intended for poor individuals excluded from the traditional banking system and who do not benefit from a steady income or any property rights. The main “products” offered by microfinance are loans, savings products, microinsurance and money transfers. In France, beneficiaries may not be excluded from the banking system but have very low income nevertheless.

{

average loan

€70 4,800,000 560 000 €102 visits p a ge views average selection microfinance key figures

74% women of the beneficiaries are

96 %

of the beneficiaries pay their debt within the allowed time limit

€300

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average microcredit amount in developing countries

$65billion

of loans outstanding

200

MILLION borrowers

{

Microfinance in the world

641

MILLION beneficiaries

www.babyloan.org - annual report 2011

Babyloan, an innovative social business

What is a social business? It is a company whose goal is to solve a social problem and in which employees work to improve the lives of the poorest. These kinds of companies have common characteristics with traditional ones, such as at least achieving financial balance. The main difference is that social businesses do not seek profit. Their priority is to solve social issues or inequalities.

What is the reality of social entrepreneurship? Babyloan – which is a peer to peer solidarity-based loan platform – created a new form of solidarity and a new profession in France. The Babyloan team had to check if lending money online was legal by asking the regulatory authorities such as the Autorité des Marchés Financiers (the French stock market regulator) or the Banque de France (France central bank). For these legal reasons, it was difficult for Babyloan – which was a pioneer – to expand its activity in an associative framework at that time. In addition, the founders of Babyloan are deeply convinced that social entrepreneurship has many positive qualities. As a consequence they chose a simple entrepreneurial solution: the Société par Actions Simplifiée (which is similar to a limited liability company under the United States law) with a registered capital of €1,382,000 at the end of 2011. The articles of the company were modified to turn Babyloan into a “social business” and to change the Société par Actions Simplifiée into a “limited-profit” company. Since its creation, Babyloan has carried out 3 fundraisings. Thanks to Social entrepreneurship: a modus operandi to be proud of. Babyloan tries to focus on social matters in the economy and to be involved in a more human capitalism: • Limited-profit company: Babyloan reinjects the money in the social objectives of the company and a minimum amount of the profits is distributed to potential shareholders • Employees are shareholders • Governance is being taken care of by shareholding institutions and NGOs • Salaries are restricted with a maximum 1 to 5 ratio between the lowest and the highest salary (3,1 at the end of 2011), as stated in the articles of the company.)

www.babyloan.org - annual report 2011

them, Babyloan could collect enough capital from 40 social investors to carry out its activities and is now ready to expand safely until it reaches its financial balance, which is estimated to be in 2015.

Laying the foundations of a new profession: solidarity-based loan Babyloan is the spearhead of a new profession: peer to peer solidaritybased loan, or should we say P2P microcredit. Thanks to its online platform, Babyloan established this new form of solidarity in Europe which dispels the “charity” logic by using microcredit , a noble way to develop and promote human dignity. How does P2P solidarity work? 1/ Online microcredits are performed on an internet platform where lenders and borrowers can meet. The borrowers on Babyloan.org are microentrepreneurs facing great financial difficulties or bank exclusion. The internet user can thus choose the entrepreneur and the project he wants to finance through this platform. 2/ Plus, there is thorough work in the field: the microentrepreneurs appearing on the website are monitored by a Microfinance Institution (MFI) on the ground level, which is involved in a partnership with Babyloan. This third party is essential for practical reasons (intermediation) as much as for its social aspect (MFIs support microentrepreneurs). 3/ Once the online loan agreement is confirmed, the lent money is used to finance or refinance the microentrepreneur’s project, who then pays the lender back with small monthly installments while carrying out his project. 4/ Once the money is back in the lender’s piggybank, he or she can choose between lending it to another microentrepreneur or to get his/her money back. Babyloan is a pioneer, therefore we tried to set sound ground rules for this new profession.

Babyloan’s business model

How can Babyloan make sure it is financially sustainable? This question is a daily challenge for this young social business. The Babyloan team must make sure the company accounts stay positive in order to cover the running costs, salaries, expensive development of the website and the necessary investments to achieve our mission. We chose to split the income among all the project stakeholders. The cost of Babyloan is thus reduced to a minimum for everyone.

>>Fundraising Revenues from fundraising - Commissions paid by internet users in 2011: €45,083 - Fees paid by MFIs to access the platform: €17,318 - Cash flow – mainly unused Babyloanian piggybanks: €2,093 (interest-bearing current account at the EONIA rate -0.4%) Other activities creating income We also conceived a business model that not only depends on the money lent but also on the skills and resources of the Babyloan team. - Project sponsorship: €18,361 - Income earned for our counseling activities about the Babyfund Fixed Rate 2013: €9,484 - Solidarity challenges sold: €2,000 Today Babyloan has not achieved its financial balance yet as that is estimated to be reached in 2015, when there will be 65,000 members and when the cumulated net outstanding loans will have reached €28,000,000. A lot of challenges still have to be met by this young and creative social organization. The way to stability is going to be long, but the team is truly willing to make things change along with you. A full-transparency policy For example, when you make a €80 loan, you pay a €2 additional support commission to Babyloan and the microentrepreneur you decided support effectively receives €80. Babyloan does not take money from your loan to cover its operating costs which are borne by the additional income described above and by capital investments of Babyloan social shareholders.

Babyloan’s missions

Giving microfinance a social meaning by involving the general public Babyloan’s main mission is to help microentrepreneurs facing great financial difficulties to benefit from better borrowing conditions so that they can carry out their projects. In order to do this, Babyloan allows the general public to support more microentrepreneurs all over the world – including in their own country – thanks to solidarity-based loans. By receiving a solidarity-based resource coming from the general public, Babyloan’s MFI partners save money

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on their costs and can thus concentrate on their social mission by lowering the interest rates charged to their beneficiaries. Indeed finding funds is a constant source of concern for MFIs, and this burden often makes them neglect their social mission. In addition, MFIs experience difficulties in finding low-cost funding that would make their activities sustainable, despite the great success of microfinance over the last few years. Babyloan opened the way to a new participant that now takes part in microfinance lending which is the general public. The Babyloanian community is made up of philanthropists who can refinance small and medium-sized MFIs that have a strong social impact on their beneficiaries who do not have access to low-cost financing. Your social action on Babyloan for a social microfinance Babyloan’s social vocation is to support MFIs (with your help) so that they can help more microentrepreneurs in the best conditions and lower the interest rates, provide more support and adapt the financial products to the needs that were identified in the field.

Supporting field partners and measuring social impact Babyloan designed a tool to assess the social impact of microcredits on beneficiaries which is based on tools recognized in the field of microfinance. This way, part of the information collected in the field is used to assess the social situation of the microentrepreneurs when they receive the loans. This assessment is based on 4 major points (financial situation, sanitary conditions, level of education and living conditions) with 8 corresponding questions asked in the field by the credit agents. This assessment has a double aim: first, it shows the internet users the social impact of their loan; and second, it shows the MFIs tools can be useful to measure the social impact in order to extend the reach of their social mission. In addition, we chose to include a social performance monitoring form in the annual report we ask of our partner MFIs, in order to check the social impact of their actions throughout the years.

www.babyloan.org - annual report 2011

Making the general public more aware of new forms of solidarity For Babyloan it is very important to raise the awareness of the general public about the different stakes of the new forms of solidarity â&#x20AC;&#x201C; be it microfinance, solidarity on the web or social business. For this very reason, the entire Babyloan team has always been convinced that it is necessary to go past the virtual aspect of the web and to meet the general public for us to discuss and exchange points of view.

complementary to the entrepreneurial process of the company, that is to say taking part in forums, working groups and conferences in France, Europe or the rest of the world.

Working with networks

Since its creation, Babyloan has been working with several partners in order to have a professional approach, to expand its concept and to structure its peer-to-peer lending activities.

Babyloan created a website which is full of interesting information about the different topics raised above. This educational approach is

babyloan : working with networks Convergence 2015 is a platform where hundreds of European organizations can share their thoughts; it promotes innovative solutions to reach the Millennium Development Goals.

Croissance Plus is an association gathering CEOs willing to promote a new entrepreneurship model and to support business and job creation.

Entrepreneurs d'Avenir is an entrepreneurâ&#x20AC;&#x2122;s network expanding a new model for companies and society based on efficiency, responsibility, equity and durability.

European Microfinance Platform is a network gathering 130 microfinance organizations working to facilitate the exchange of information and communication between the European actors of the sector.

Finansol is an association promoting solidarity in savings and finance and since 1997 has been delivering a label rewarding solidarity savings.

Mouves (Mouvement des Entrepreneurs Sociaux) was created in 2010; this network gathers social entrepreneurs with the aim to expand and structure Social economy in France.

www.babyloan.org - annual report 2011

micro credits, great stories

The team and the partners The team

Arnaud Poissonnier obtained a master’s degree in private law and prepared a postgraduate degree in business management and administration in 1991 in Lille (North of France). Then he obtained a diploma to become a notary in 1992. Arnaud spent 12 years in banks and dedicated his work to wealth management in Paris. When he was posted sustainable development manager in OBC bank in 2004, Arnaud got involved in a skills partnership in order to develop the activities of OXUS – the microcredit branch of the French NGO ACTED. He went to Tajikistan and his passion for microfinance began! In 2005, he decided to leave his job in the bank in order to structure the OXUS microfinance institutions network.

Aurélie was destined for a successful career with her diploma from Edhec Management School, but she decided to move to Ecuador for a year with the NGO Heifer, specialized in microcredit. As she was in total immersion in native communities, she realized how a microcredit can change a woman’s life. They allow them to have better life conditions, to gain self-esteem and respect in their home and in their community. This experience confirmed her will to work in the microfinance sector. She attended a training program to learn how to create international solidarity projects, then she joined OXUS, the microfinance branch of ACTED. But her real motivation was to launch a project of her own. The story moved forward when Aurélie met Arnaud in ABN AMRO France where he worked as Director of Sustainable Development.

Arnaud Poissonnier : President and co-founder

In February 2008 he created ABC Microfinance – in partnership with ACTED, the BRED and the Crédit Coopératif – which was a pioneer company and its website, Babyloan.org, became the first European solidarity-based microcredit website. Arnaud also became an ACTED administrator in 2008.

Aurélie Duthoit : General Manager and co-founder

Being a young mother and an entrepreneur at heart, she got involved in the Babyloan adventure with the will to protect the well-being of future generations.

Arnaud defined by Aurélie Duthoit: Arnaud is brimming

Aurélie defined by Arnaud Poissonnier: When I met Aurélie

with ideas. He is making everyone dizzy with the countless number of ideas he gets every minute. Every morning, I discover the new project of the day… and I am amazed by this myriad of altruistic challenges. I am 15 years younger than he is but I have to act as a mother to channel all the spiritual energy of this 44-year-old child at heart who tries his hand at everything.

for the first time, I did not know what to expect. If you start talking to this microfinance enthusiast – and enthusiast in general – you take the risk of following her in a never-ending adventure! When I decided to launch Babyloan, I obviously asked her if she wanted to be the strong arm of this project and I thought she would refuse as she just had a baby. But in fact she said yes! The Babyloan team is in her image: a group of enthusiastic entrepreneurs who have a passion for the social dimension of this wonderful project.

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www.babyloan.org - annual report 2011

Team picture

From left to right, front row

From left to right, back row

Anne-Charlotte - Microfinance Institutions Partnership Director, Yasmine - MFI Partnership Manager, Élise - Translation and Profile Manager, Florence - Institutional Relationship Manager, Mariella Administrative and Financial Manager, Aurélie - General Director.

Pauline - Communication and Partnership Director, Mathias - Business Partnership Manager, Baptiste - Innovation and E-commerce Partnership Manager, Antoine (filling in for Clotilde during her maternity leave)- Press Relations Manager , Arnaud - CEO.

www.babyloan.org - annual report 2011

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The founders and social shareholders who support Babyloan... ... a one of a kind alliance between banks, NGOs and private investors to promote solidarity-based microcredit.

>>The NGOs and Foundations The Fondation Crédit Agricole Grameen

feedback FROM Jean-Luc Perron, Managing Director of the Fondation Grameen Crédit Agricole “The Fondation Grameen Crédit Agricole was created in 2008 by the managers of Crédit Agricole SA and Professor Yunus – Nobel Peace Prize winner in 2006 – in order to fight poverty in developing countries by giving underprivileged people an easier access to goods and services, including financial micro-services (credit, savings, insurance, etc.). The foundation supports the expansion of local microfinance J-L. Perron - Credit © Fondation Grameen - Crédit Agricole institutions and companies with a social mission (“social businesses”), by granting them loans, guarantees or equity financing.

Within this framework, the foundation has been Babyloan’s stakeholder since 2010. The foundation holds nearly 5% of Babyloan’s capital and a cooperation agreement was concluded, with 3 axes: - The foundation facilitates Babyloan’s relations with other entities of the Groupe Crédit Agricole, especially its regional branches (Caisses Régionales): three of them already became Babyloan’s stakeholders. - The foundation introduces its partners to Babyloan for them to benefit from its philanthropic loans: Gata Daku (Philippines) and Chamroeun (Cambodia) are now Babyloan’s partners. - The foundation and Babyloan cooperate to promote social microfinance, especially through Convergences 2015. Two of Babyloan’s employees were trained to perform SPI (Social Performance Index) audits in order to assess the social performance of MFIs. This training was partly financed by the foundation.”

ACTED (Founder)

Etimos

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www.babyloan.org - annual report 2011

>> The banks BRED (Founder)

Crédit Agricole PyrénéesGascogne

Crédit Coopératif

Crédit Agricole FrancheComté

Neuflize OBC

Crédit Municipal de Paris

Crédit Agricole Centre-Est

>> Philanthropic private investors Arnaud Poissonnier (founder), Aurélie Duthoit (founder), the Baelen, Holweck and Dodin families and around 20 other philanthropic private investors who share Babyloan’s values.

>> New partners coming from venture capitalism Fondation AlphaOmega feedback FROM Maurice Tchenio, CEO and founder of the Fondation AlphaOmega

M. Tchénio - Credit © AlphaOmega - B. Paget

Thanks to our experience in supporting companies in “Private Equity”, “The Fondation AlphaOmega wished we will help Babyloan consolidate its European leader position in the to promote microcredit as it allows the field of online microcredit, by providing a financial support over 5 beneficiaries to create their own job. We years and top of the edge skills.” are convinced that Babyloan has a major part to play in this field. This innovative project and the skilled managing team were determinant factors in our decision making.

ESFIN

www.babyloan.org - annual report 2011

The strategic committee This is Babyloan’s decision-making body. The committee holds meetings on a quarterly basis to decide on all strategic aspects of the project. It is made up of 15 people: a part of them represent the social investors and the others are recognized professionals of the social sector. The project founders, NGOs and partner institutions hold a major part of the votes in this strategic committee.

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www.babyloan.org - annual report 2011

micro credits, great stories

Our action in 2011

Babyloan in the world Adie France

Afodenic - Nicaragua Cepesiu Ecuador Edaprospo Peru

Wages Togo

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www.babyloan.org - annual report 2011

Proportion of Babyloanian members, by continent

North Am. Oceania

91,6%

0,97%

South Am. 0,6 %

5,59 % 1,24 %

Asia

Europe

Africa

Oxus - Tajikistan ASALA Gaza-Westbank

Seda Vietnam

Chamroeun Cambodia

GDMPC Philippines

Finadev Benin

www.babyloan.org - annual report 2011

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Our field partners

Babyloan is a tool intended for the general public that allows internet users to discover microcredits and the challenges faced by beneficiaries. But the action takes place in the field and is led by our network of MFI partners. These institutions do an outstanding job by supporting and monitoring microentrepreneurs and their families, usually thanks to a devoted team driven by a sincere altruistic vocation.

What is a microfinance institution (MFI)? A microfinance institution is a local structure offering financial and non-financial services to people who are excluded from traditional banking systems. For this reason these institutions are often called “banks for the poor”. They are not humanitarian organizations strictly speaking: even though they have a strong social mission, their goal is to achieve financial stability. MFIs can have various legal forms: they can be mutual banks, NGOs, organizations or commercial structures and they

Why not lend directly to microentrepreneurs? We are often asked why we do not work directly with beneficiaries, thereby avoiding the intermediate work of the MFIs. But this is an essential step of our model and strategy. We cannot and do not want to do the MFI’s work, as they perform social assistance, grant and recover microcredits.

can be regulated or not, depending on the country legislation and the articles of the MFIs. Their role is to lend money but also to assist and to train beneficiaries, which are services that traditional financial institutions do not provide. MFIs are Babyloan’s partners in the field; they choose microentrepreneurs, take their pictures and assess their projects to grant microcredits, and they are our intermediates for money transfer and refunding.

Moreover, setting up such a model in developing countries, just as in France, would be a great risk for internet users. If internet users are in touch and finance microentrepreneurs directly, they run a default risk that is extremely high and dangerous, as it was noticed in other European countries.

What kind of relationship is there between Babyloan and the MFIs? Babyloan is a refinancing platform. Indeed, when the MFI imports microentrepreneurs’ profiles on the website, it is about to or it has already financed the beneficiary. With this system, the entrepreneur does not have to wait for the Babyloanians to finance his project to receive the funds. The Babyloanians refinance the projects by allocating their loans in place of the resource used by the MFI to finance them. A Babyloan partner MFI plays an important part for two main reasons:

>> Logistics and legal matters Internet users and MFIs are bound by a contract corresponding to the chosen microentrepreneur. This choice is motivated by three reasons: > MFIs have banking facilities to receive loans from Babyloanians, unlike beneficiaries. > They refund the loans if the microentrepreneur cannot do it. This gives them a sense of responsibility and they cannot be tempted to have their bad debts refinanced by internet users.

> It would be impossible to sign contracts individually and directly with microentrepreneurs who, in most cases, do not know how to MFIs identify people and their needs. They select viable projects that read, to write and – indeed – to speak a common language with the would not place the project owners in a more precarious situation lender. when they have to refund the microcredit. MFIs support and train entrepreneurs throughout the process and thus they are able to inform us about the project monitoring and evolution.

>> Proximity with microentrepreneurs

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www.babyloan.org - annual report 2011

The selection committee

How does a MFI become a Babyloan partner? Even if MFIs are necessary intermediates for Babyloan, all MFIs cannot be our partners. Babyloan gives priority to MFIs with human and fair values and that have a high social impact – but still pays particular attention to risk management – because these kinds of organizations are in phase with our commitment for a social microfinance and against a financial microfinance that strays from its initial values.

Step #1: Babyloan is in contact with several hundred small and medium-sized MFIs that could be interested in forming a partnership with us, via microfinance professional partners’ networks (ACTED, OXUS, EDM, Pamiga, Etimos, the Crédit Agricole Grameen foundation, etc.). Other MFIs also contact us directly. Babyloan’s financial analysts assess if the MFI is stable and loyal to its social mission (that includes assistance, training or non-financial services).

The selection committee has been playing a crucial part in the selection and monitoring of Babyloan’s MFI partners since the website was created. Here are the members of this committee and their skills:

Expertise field Bank F. Thiercelin ABN Amro D. Lachaut Independant Y. Zlotowski Crédit Coopératif

Step #2: Once both parties seem interested in forming a partnership, the MFI sends us documents that allow us to study its audited accounts, capital structure, social performance, governance, and skills, and to determine if its personnel is reliable.

Step #3: Once this application file is completed, it is handed out for approval to a selection committee made up of microfinance, finance and risk management professionals such as ACTED, Horus Development Finance, the Crédit Agricole Grameen foundation, Oxus Development Network, Etimos, Crédit Coopératif, ABN Amro, RBS, etc.

www.babyloan.org - annual report 2011

Microfinance J.H. Gallouet Horus Network M. Knaute Oxus Network P. Guichandut Fondation Grameen Crédit Agricole L. Foschi Etimos F. Renaudin Entrepreneurs du Monde S. Vincent Independant R. Chao Beroff Pamiga

Consultant M. Garnier Kurt Salmon

What are the required criteria for a MFI to form a partnership with Babyloan? Even though we target small and medium-sized MFIs, we had to set up minimum risk management criteria. In fact, there are more than 10,000 MFIs all around the world, a third of which is unsustainable in its structure. Unsustainable MFIs present a social risk for the microentrepreneurs because of their precariousness. In addition, very small MFIs can disappear within 2 weeks, and we have to guarantee to Babyloanians that our partners are reliable and serious.

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Minimum criteria to form a partnership > 2,000 borrowers; > Total loan outstanding: €200,000 > 3 years of experience > One year of audited financial statements > Legal registration undertaken by a legal authority > Country allowing payment and refunding in euro > MFI indexed on the Mix Market, the international reference website regarding MFI information and notation.

MFI selection procedure 1

First screening by Babyloan . Preliminary application analysis . MFI audit / visit in the field . Overall analysis, file is completed and sent to the person in charge of the external committee

Second screening by the external committee . Validation of the internal analysis by the person in charge of the file and recommendations . These recommendations are sent to the other members of the committee for comments

Final decision . Contribution of the committee sent to Babyloan’s directors . Final decision . Integration of the MFI partner and signing of the contracts

Monitoring and evaluation

Average duration to study a partnership: 6 months

The Babyfund Fixed Rate 2013 Babyfund Fixed Rate is a solidarity fund (90/10) launched in October 2009 by Babyloan with seeds finance, the Crédit Coopératif/Ecofi Investments. This fund is approved by the French stock market regulators (AMF) and managed by Ecofi investments. 5 to 10% of the assets are used to grant credit lines to Babyloan MFI partners who receive funds through intermediary French or European solidarity organizations.

us to meet the demands of the MFIs in a more efficient way (lending rates around 2.5%). Since its creation, €775,000 have been lent to 3 Babyloan MFI partners: Oxus in Tajikistan, Chamroeun in Cambodia and Adie in France.

The Babyfund is a complementary source of financing – in addition to the loans made by internet users on Babyloan.org – that allows

This gives access to high-value-added solutions to our partners.

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Babyloan is the only platform in the world offering both a peer-topeer solution and an additional savings tool to its MFI partners.

www.babyloan.org - annual report 2011

micro credits, great stories

Our 11 partners in the field

Our local partners (MFIs) are in charge of selecting the microentrepreneurs, managing and monitoring the loans in the field. Their social mission with microentrepreneurs and their families is also significant.

Monitoring and grading MFIs The situation of the MFI evolves throughout the partnership. Babyloan asks MFIs to send reports regularly in order to keep the assessment updated, as it is displayed on our website. These reports allow us to keep track of the situation of each one of our partners. This way, we can continuously assess the financial risk of the institution and check if it respects its social mission.

Thus MFIs must send us reports including information on their financial statement, their social mission, the development of their products, the evolution of their staff, etc. In addition to this, Babyloan does a “country risk monitoring” in order to keep track of the political, economic and context evolution in the countries where our MFI partners are implemented. This information is displayed on the page of each MFI for the internet users to see.

Chamroeun : Cambodia Partnership started in July 2008 Number of financed projects by 12/31/2011: 2,955 Total amount lent by 12/31/2011: €512,445

General presentation: Chamroeun was created in March 2006 by Entrepreneurs du Monde (a French NGO) and it gives access to financial products to small entrepreneurs from Phnom Penh, Cambodia. Three agencies were opened in 2006 and the offer of financial products broadened little by little (loans, savings, health insurance). Three new agencies opened in Phnom Penh in 2007 and

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Chamroeun - Cambodia. Credit © Babyloan

Chamroeun began providing non-financial services (professional trainings, acquisition of skills and awareness programs) in order to optimize the impact of its financial products. At the end of 2008, there were 8 Chamroeun agencies and 4,213 active borrowers. In 2009, Chamroeun became a Private Limited Company. By the end of the year, Chamroeun counted 27,998 borrowers.

www.babyloan.org - annual report 2011

Finadev : Benin Partnership started in July 2008 Number of financed projects by 12/31/2011: 789 Total amount lent by 12/31/2010: €393,020

General presentation: Finadev is implemented in Cotonou and started its activities in 1998 with a pilot phase that led to the creation of a “FINADEV microfinance office” integrated into the Financial Bank network and thus implemented in their agencies. After 10 years of experience in this sector, Finadev is now settled in 4 regions of the country – Borgou, Atlantique, Mono and Ouémé. The organization now has 7 agencies, 3 of which are located in Cotonou. The clients are mainly merchants, craftsmen, microentrepreneurs, wage-earners, farmers and breeders and 76% of them are women. Finadev offers its services to people living in urban, suburban and rural areas of the country. In order to adapt to its customers, Finadev developed – among others – a product named “Campagne” that meets the needs of farmer microentrepreneurs as it is seasonal, and another product called “Crédit scolaire” granted to its best clients for them to deal with their childen’s school fees at the beginning of the school year.

Finadev - Benin. Credit © Babyloan

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Oxus : Tajikistan Partnership started in July 2008 Number of financed projects by 12/31/2011: 377 Total amount lent by 12/31/2011: €271,739

MFI Rating Financial stability.................................. Social performance............................... Organization stability............................

Oxus - Tajikistan. Credit © Babyloan

Context/country rating.......................... General presentation: Oxus Tajikistan was created to take up from ACTED’s microfinance activities. ACTED is an international relief organization that was created in 1993. It has been implemented in Tajikistan since 1997 and it performs different kinds of actions: population relief, rehabilitation and development. Microcredit gradually became the ACTED main strategic tool, implemented as a development tool during periods of reconstruction.

Seda : Vietnam Partnership started in February 2009 Number of financed projects by 12/31/2011 : 1,211 Total amount lent by 12/31/2011: €305,000

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In 2005, ACTED transferred its microfinance department in OXUS Tajikistan and it has recently been recognized as an independent microcredit organization in Tajikistan. OXUS Tajikistan showed significant growth and already granted more than 33,000 loans to very poor Tajikistani, thus a total amount of 21.6 million dollars.

General presentation: SEDA (Centre for Small Enterprise Development Assistance) – a Vietnamese non-governmental organization, under supervision of VUSTA (Vietnam Union of Scientific Technical Association) – has been entitled to carry out its activities since April 11th 2007 by the Vietnamese Science and Technology Ministry. As SEDA is a non-profit organization, it is entirely dedicated to society and community and supports small businesses and families with a low income, mainly women and families facing significant financial problems. SEDA is a social and nonprofit NGO which tries to establish connections within the communities. The respect of the clients is an essential value as it is the core of its social mission. SEDA always gives priority to honesty, transparency, efficiency and productivity in its services and regulations. It conveys information on a regular basis, thus following one of the world’s and Vietnam’s best codes of conduct, in order to improve its work and to expand in a sustainable way. After the annual audit, SEDA decided to focus on 5 main values which are: transparency, efficiency, client service, creativity and teamwork.

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Seda - Vietnam. Credit ÂŠ Babyloan

www.babyloan.org - annual report 2011

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Cepesiu - Ecuador Credit ÂŠ Babyloan

CepesiuÂ : Ecuador Partnership started in March 2009 Number of financed projects by 12/31/2011: 934 Total amount lent by 12/31/2011: â&#x201A;Ź373,980

MFI Rating Financial stability.................................. Social performance...............................

General presentation: Cepesiu has been involved in the development of micro-enterprises for more than 25 years. As its mission is to support, Cepesiu created services that aim to strengthen institutional structures that interact with micro-enterprises. The Cepesiu team is made of professionals known for their strategic expertise and for their technical and operational skills in microentrepreneurship. Its mission is to help local economies to grow in a fair and sustainable manner by supporting small size economic units. This MFI also wants to become a reference organization in Ecuador regarding the socioeconomic development of the most vulnerable populations and to establish local economic development models that can be copied.

Organization stability............................ Context/country rating..........................

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www.babyloan.org - annual report 2011

Afodenic : Nicaragua Partnership started in January 2010

Wages : Togo Partnership started in April 2010

Number of financed projects by 12/31/2011: 243

Number of financed projects by 12/31/2011: 508

Total amount lent by 12/31/2011: €156,930

Total amount lent by 12/31/2011: €285,510

MFI Rating

Financial stability..................................

Social performance...............................

Organization stability............................

Context/country rating..........................

General presentation: AFODENIC (Asociación para el fomento al desarrollo en Nicaragua) is a nongovernmental organization created on May 12th 1999 in order to stimulate economic, social and cultural development for populations who do not have access to commercial banks. To do so, the association gathers economic and human resources to provide financial services that reinforce the economic unity of our clients’ families (individual producers, groups of producers, urban or rural microentrepreneurs). AFODENIC’s main ambition is to be known as an institution that encourages production and trade, especially among rural and urban vulnerable populations and organized groups able to manage credit funds.

General presentation: In 1993, a majority of the men living in Lomé lost their jobs during a general strike and had to leave the region because they had too few economic resources. The women were the only ones who could support their families, so they had to find informal jobs. At this time the NGO CARE supported the creation of WAGES, an association whose aim was to finance the activities of these women. In 1999, the association became a regulated microfinance institution and hence was able to establish and spread its activities. Today, WAGES is a major microfinance actor in Togo. Its objective is to help low-income Togolese men and women by offering them financial services so that they can increase their income and improve the living conditions of their families.

Afodenic - Nicaragua. Credit © Babyloan

Wages - Togo. Credit © Babyloan

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Edaprospo : Peru Partnership started in November 2010

MFI Rating

Number of financed projects by 12/31/2011: 358

Financial stability..................................

Total amount lent by 12/31/2011: €186,450

Social performance...............................

General presentation: In 1978, Peru was ruled by military dictatorship and 5,000 union leaders were laid off because they called a national strike. At that time, a Peruvian sociologist, a French priest and a German cooperative director joined forces with a religious organization in order to help these people. In the 1990’s, Edaprospo also decided to support small entrepreneurs – mainly unemployed people and immigrants – through a program named “Ecosalud” that aimed at improving their sanitary situation. At the same time, the organization tried to find solutions for groups that needed financing so Edaprospo took part in the creation of the first savings and credit cooperative for itinerant sellers called CREDIVAC. Then Edaprospo created training programs, local credit organizations and financial support services that led to the creation of the microfinance program called PROSPERIDAD. Today, Edaprospo runs 7 agencies, more than 440 local credit organizations and has more than 4,900 loans in progress. 86% of the clients are women and the institution’s loan portfolio exceeds one billion dollars.

Adie : France Partnership started in December 2010 Number of financed projects by 12/31/2011: 39 Total amount lent by 12/31/2011: €109,390

Organization stability............................ Context/country rating..........................

Edaprospo - Peru. Credit © Babyloan

Europe. It was created in 1989 by Maria Nowak who drew her inspiration from Muhammad Yunus’ Grameen Bank in Bangladesh and adapted it to an industrialized country. Adie finances all types of projects. The criteria taken into account are the capacities and the determination of the entrepreneur as well as the viability of his project. A majority of the projects concern trade or services. Here are a few examples of financed activities: graphic designer, house painter, florist, grocer, beautician, electrician, market seller, restaurant owner, architect, breeder, and photographer. Today, there are 120 local centers and 190 hotline centers in France. Nearly 500 persons ensure the continuity of the phone service and are attentive to entrepreneurs. 1,700 volunteers help them in their work thanks to their various qualifications (management, administrative support, commercial development, bank insertion…). Since it was created in 1989, Adie has granted 100,000 microcredits, hence creating more than 100,000 jobs with a 2-year durability rate of 68% and an insertion rate after 2 years of 79%. Adie sees itself as an airlock to enter the traditional banking system. The potential microcredit demand in France is estimated at 30,000 loans each year, provided that the institutional context is favorable.

General presentation: Adie is a microcredit pioneer in France and in

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ASALA : Gaza and Westbank Partnership started in June 2011

MFI Rating Financial stability.................................. Social performance............................... Organization stability............................ Context/country rating.......................... Number of financed projects by 12/31/2011: 50 Total amount lent by 12/31/2011: €45,960 General presentation: ASALA is an NGO created in 1997 with the name Center for Women’s Economic projects by Oxfam-Québec with funds from the government of the Netherlands. In 2001, the organization was registered as an NGO, as a local microfinance institution working in Westbank and the Gaza strip. The 3 last years were crucial in the expansion of this MFI as the institution is now more structured and solid. In 2009, ASALA became a partner of the Regional Economic Empowerement Project (REEWP) which is administrated by Oxfam-Québec. The NGO is based in Ramallah and counts with 10 branches and 3,146 clients. ASALA wishes to help women launching their activities and carry them out successfully. The MFI supports exluded Palestinian women for them to be financially independent and stable: « Progress may be slow, but it is stable, sustainable, and recyclable ». To do so, ASALA offers a varied range of financial products as well as trainings, counseling and monitoring. ASALA is 100% dedicated to women and strongly involved in its social mission, this is why it keeps on improving its services.

www.babyloan.org - annual report 2011

ASALA - Gaza and Westbank - Credit © Babyloan

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GDMPC : Philippines Partnership started in November 2011 Number of financed projects by 12/31/2011: 39 Total amount lent by 12/31/2011: €5,110

General presentation: Gata Daku Multi Purpose Cooperative (GDMPC) was founded in 1992 by a group of farmers concerned with their very low income. Therefore they looked for a way to make their activities more profitable and durable in their region which is one of the poorest of the Philippines. The founding farmers managed and expanded the cooperative so well that it took 7 years for it to be profitable (1999). Today, Gata Daku has 14,489 clients, 66% of which are women. The MFI team works in 2 regions of the Mindanao province, which is located in the southwestern Philippines. GDMPC has 7 branches; the last one, named “Tukuran”, was created in 2010. GDMPC - Philippines

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micro credits, great stories

2011 highlights

Babyloan celebrated its 3rd birthday!

Solidarity Challenges for companies

Babyloan was created in September 2008, this is why the team organized an event in September 2011 and gathered all its partners in the magnificent premises of Neuflize OBC. The guests shared a convivial breakfast and the team presented Babyloan’s projects and evolutions.

Babyloan’s pedagogical project Ma classe solidaire was launched

Babyloan wants to increase the awareness of the next generations for a more human and fair economy. This is why we created the first pedagogical kit on Social Economy designed for middle and high school teachers. This kit can be downloaded on a dedicated platform (www.babyloan.org/maclassesolidaire) and is divided into three parts “Know – Try – Act”, which allow the pupils to have theoretical and practical experiences. In this kit, a lot of notions are explained such as Sustainable Development, Social Economy, Millennium Development Goals, social entrepreneurship, etc. This initiative was launched with the support of MAIF and AFD. Some professors already have tested it in their class, and their pupils have supported microentrepreneurs. What a wonderful way of acting like a citizen!

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Babyloan does not stop innovating and finding new applications to mobilize more people in order to support micro-entrepreneurs. This is why Babyloan offers the companies to federate their employees, colleagues and customers during a limited time for a “Solidarity Challenge”, a platform dedicated to the company which enables to finance projects of micro-entrepreneurs and follow the evolution of the challenge in real-time, thanks to a counter. Several companies already tried this federal and innovative tool thus thousands of employees were mobilized.

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A positive spiral Interview of Bruno Châtelier, executive Director of DDB Share. get involved and the company tops up for 50% minimum of the amount of loans generated by the employees. And the result was very satisfactory: more than 70 micro-projects 100% financed!

“By taking into consideration the Company as a strategic partner of its ecosystem, Babyloan has worked in collaboration with DDB share* in order to develop a testing campaign for 12 agencies and 1500 employees of DDB Group in France. An internal mobilization campaign signed by RAPP, around a communication kit (mini-website, posters, and flyers) with a simple catchphrase: “I need 20€ to expand my business… I’ll give them back tomorrow” and one challenge: “15 days to finance 30 micro-entrepreneurs all around the world” That is an easy principle: each employee can lend from 20€, the agencies

The « Babyloan Tours »"

In 2011 several Babyloan Tours were organized in France. Indeed, the 3rd edition of the “Rencontres de Babyloan” – an event for the general public organized during 3 days in Paris – which took place in 2010 was a great success so the Babyloan team decided to travel to meet the Babyloanians all around France. These trips were the occasion to meet during a conference and to have a drink together in a bar for a friendly exchange in Paris, Caen, Dijon, Nantes, Lille and Lyon.

www.babyloan.org - annual report 2011

This campaign is offered under the form of a kit, which enables Babyloan to accelerate the development of Solidarity Challenges towards the companies. The adventure goes on… 3 DDB Share employees have been drawn and coached by CAPA agency and had the opportunity to travel to Cambodia and Benin in order to make a report on the MFIs and the micro-entrepreneurs. This also was the occasion for DDB share to mobilize its agencies in these 2 countries which helped the MFIs on their communication problems in the framework of a competence sponsorship. * DDB Groupe France Allocation Funds dedicated to the promotion of social entrepreneurship in France, through competence sponsorship in communication.

Babyloan France : one year after

In December 2010, Babyloan offered the internet users the possibility to support French micro-entrepreneurs thanks to a law to encourage the development of microcredit in France. This new law enables microentrepreneurs to benefit from a visibility through the platform and for the French internet users to make a loan to a neighbor and why not becoming the customers of these entrepreneurs! In one year, 39 French entrepreneurs have been supported thanks to you.

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A significant media coverage

Because of low budgets for communication and advertising, Babyloan banks on the media coverage; as Babyloan is designed for the general public, this is an essential mean to make the website visible. The media have been attracted by the multiple initiatives launched in 2011; therefore there were lots of publications in the papers, on the radio or TV this year.

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The awards obtained by Babyloan I The EDHEC Social Companies Award I The Finansol Label Edhec is a prestigious business school that created the Solidarity Business Award in 2011. This prize puts the highlight on a business, an association or a NGO which enhances the values of citizenship and social and environmental responsibility in its activities. This is an important change of mentality: the social business is now considered as a model by the schools which form the future entrepreneurs. And for the first edition of this award, Aurélie Duthoit, manager and co-founder of Babyloan, received it. This is the second award she personally obtains after receiving the Best Pick "Mom’preneur" award in 2009, which rewards the mothers who have created their own business.

Babyloan was acknowledged social company

Even if social businesses do not have a real status in France, it is nevertheless possible to make it known. This is what Babyloan did by obtaining in 2011 the “Social Company” approval by the prefecture of the Hautsde-Seine (French department). This approval is awarded to companies which budgetary items are not exchangeable in regulated markets, and which meet some rules concerning hiring and salaries.

The Babyloan loan obtained the Finansol Label in March 2009. This label guarantees to the savers the investments they subscribed to are philanthropic and transparent. Since then, the Finansol label has been granted every year to Babyloan’s micro-loans.

Babyloan at the Parlement des Entrepreneurs d’Avenir

The 2nd edition of the Parlement des Entrepreneurs d’Avenir th th took place on May 12 and 13 2011 in Nantes. The pioneer entrepreneurs working for human and sustainable economy have been honored during this event and Arnaud Poissonnier was invited to talk about the subject: “Models of businesses for the future”.

This label underlines Babyloan’s management; for example the salaries are restricted with a maximum 1 to 5 ratio between the lowest and the highest salary.

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I Microfinance in the G20

Arnaud Poissonnier member of the G20 YES entrepreneurs delegation

The G20 took place in Cannes in November 2011; it was the occasion to start a durable dynamic about the recognition of the entrepreneur’s role from political and economical actors. This is why the G20 YES (Young Entrepreneur Summit) was organized at the same time in Nice. This summit gathered delegations of the 20 most © Eric Couderc dynamic economies of the world to encourage entrepreneurship as it While France was president of the G20, an exceptional event took creates competitiveness, jobs, innovation and sustainable economic place in the Senate on July 8th 2011: the G20 microfinance conference. development. The French Central Bank, The Observatoire de la microfinance – in Arnaud Poissonnier – who was invited to take part in the Toronto collaboration with the work of the G20 – organized a conference Summit in 2010 – was selected again to be one of the representatives dedicated to microfinance. The discussions and the preparatory work of the 20 French entrepreneurs’ delegation. enhanced the essential social part of microfinance as well as its possibilities. Three main challenges have been drawn up for the actors and regulators of this field: financial stability of the sector; access to resources, even local, in order to guarantee its development and the necessary balance between financial and social inclusion. Babyloan was invited to speak about the subject « Microfinance financing: mobilization of local resources, transfer of savings from North to South, international financing. »

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micro credits, great stories

Micro credits, great stories

>>In order to support its MFI partners, Babyloan puts the microfinance institutions in touch with motivated Babyloanians for missions in the field. Then they send us stories of their experiences. Here we reveal three of these varied human stories which all have something in common: they feel immensely optimistic for these men and women who manage their lives with simplicity and determination!

I Three credits, three stories Vietnamese Memories

Emmanuelle wanted to share the real daily life of a Vietnamese during a trip in Asia, so she contacted us to meet the two entrepreneurs she financed on Babyloan. She could make her dream come true and she tells us her story: “It has been decided a few days ago, I am going to travel alone to discover Asia and for this first journey I chose Vietnam. Before going, I was a little worried so I wanted to establish relations with people there, preferably locals… I thought of these two micro-entrepreneurs I financed in Vietnam on Babyloan.org. Through the intermediary of Babyloan, I contacted Seda, the local MFI with which they are working and spoke with Ha Hoang Thu, the Funds Manager, and Hervé, a French volunteer who has been there for 2 months. On the first evening I was eager to meet Hervé, as I was particularly afraid of cultural shock with Hanoi old town. We decided to meet for dinner. He immediately reassured me, taught me how to cross in a lively traffic, helped me comprehend the city, avoid overcrowded sidewalks, and together we discover the night market, chose a restaurant in the street, and negotiated a motorcycle taxi. As agreed, we met the following day at the bus station to go to Dong Ang, which is about one hour away. As we were the only foreigners, we were looked at with curiosity in the bus and during the day: people Wages - Bénin. Crédit © Babyloan

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looked at us, said good morning, and asked questions… During my trip, these curious and intimidated exchanges every time I move away from touristic paths have always been a pleasure. In Seda’s headquarters, we met Mrs. Thu who introduced me the members of the team – all women as they have a better contact with microentrepreneurs who mainly are women. She was our guide and interpreter when we met the families. First we went to Huong Lai Thi’s house. She is 24, she set up her own food business. She received us at home with her husband. We were all intimidated and Huong preferred to keep on watching her TV show. Then when I showed her a copy of her photo on Babyloan website, they laughed. And they went to see the website on the internet. We weren’t able to see her business as it was too far away – she has to go to work very early every day. Someone looks after their daughter aged 4 during the day. Huong has not been living with her family-inlaw for two years as now she and her husband have their own 2-room house. The income from her business allowed her to buy furniture. In the courtyard, there are several motorbikes that are repaired by her husband and many dogs, they don’t know how many. They have known each other since their childhood and look happy and in love.

Ly was very unassuming; she sat down behind her husband. After offering us a cigarette, he launched the conversation and showed us the house he proudly built himself. For the time being, they were living in the ground floor, on the gravel, but within five months, the house would be totally finished. We visited the third floor which had a view on the gardens and paddy fields, and he compared his house with the opposite one which is being constructed too. He was able to build this house thanks to Ly’s butcher shop in the nearby market.

My feelings?

Simple, ordinary and happy people. They live in poor conditions in comparison to us but they look so happy! If I weren’t convinced by the benefits of microcredit, I would say that it must be invented. This financing, to which I took part with only hundreds of Euros, offers huge opportunities. If everybody could take part, it would be so easy to get Then we arrived in Ly To Thi’s house when it was time for the children half of the world out of poverty. Microcredit enables the families to to go back to school after lunch. There were many children passing in carry out a small business, a source of income which allows them to front of the house on foot or riding a bicycle, wearing uniforms and settle in their own house, to improve their daily life, to live in good red scarves around their necks. A group of children accompanied by conditions, and to send the children to school, an opportunity that their mothers – holding babies in their arms – followed us in the they did not get. An excellent way to be useful! house. We barely had time to take out our cameras and turn back that they had already disappeared...! We were convinced that they were the two children of the family and their friends but in fact they were just children of the neighborhood, who were curious of our presence there.

Let’s meet Adela, in Peru Matthieu is a volunteer who went working in Peru, to help our partner EdaProspo. He wrote the story of a micro-entrepreneur he met and who was helped by the Babyloanians. In the framework of my 4-month field mission in Edaprospo – the Babyloan Microfinance Institution (MFI) partner in Peru – I could meet several micro-entrepreneurs, men and women, who asked a credit financed by the Babyloanian community.

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Adela was proud of showing me what she could acquire thanks to the Adela is part of a solidarity group of 11 people called "Unidos con ĂŠxito" loans to increase her business. Indeed, the successive loans enabled (United in success) which jointly borrows money to EdaProspo. Being her to buy tables and chairs for the terrace, a freezer, an extractor and a part of this kind of group allows easier access to loans as the group recently a new blender which is used to make fruit juices. Moreover the development of her business allowed her to finance the university members are united in case of failure of one of the members. This mechanism enables the members to have an experience of savings studies of her eldest son. Adela told me her future plans: one of them for the future, by creating a joint account that will gradually yield a is to sell fruit juices in several places in the capital. She is aware that a microcredit in the framework of this solidarity profit by lending money to each other. Adela met this group through her sister who was already a member. group was the opportunity for her to access a financial support. She Since she has joined it, she could borrow about 2,700 Euros, 900 Euros used to borrow 75 Euros at the beginning of the adventure, now she can borrow 450 Euros to develop her business even more. of which have been financed by Babyloanians. Adela is a micro-entrepreneur from Lima who sells delicious juices.

Adela commercializes fruit juices in Villa Esperanza, a popular This story was possible thanks to our field partner, Edaprospo which neighborhood in the north of Lima. She has been running her own has accompanied Adela from the beginning of her adventure. But it is business for 4 years in front of her house. Adela sets up tables outside possible thanks to all the Babyloanians too! so that her customers can comfortably drink her creations. Adela wanted to launch her own business as she wanted to make and sell healthier fruit juices and this kind of business did not exist in her neighborhood. Adela offers several kinds of fresh fruit juices (banana, pineapple, strawberry, papaya, passion fruit and more flavors) that she makes with water, milk, sugar and bee honey. In addition to the juices, Adela also offers the customers cold drinks such as soda. Her business is open every day from 8 am to 2 pm, because according to her, people do not consume fruit juices during the evening. So she goes to buy fruit in the center of Lima twice a week. It takes her a long time in the public transport, a round-trip of more than 3 hours.

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Lights on an innovating way of borrowing Mathilde has been a volunteer in our field partner in Ecuador, Cepesiu. During her trip, she had the opportunity to discover another form of collective entrepreneurship, the SPI (Sociedad Popular de Inversión – which is similar to village banking), and so she gives us her feelings about it. CEPESIU has been offering since 1987 appropriate micro-financial services to its customers. The MFI has been developing an original product since 1998 in the provinces where the institution is present: the SPIs, Sociedad Popular de Inversión. They are local, independent groups providing savings, credit and capital which are managed and controlled by the members. This system enables a group of entrepreneurs, running economic activities on a small scale, to find their own microfinance system. The social capital is the fruit of the monthly amount brought by all the members. We met the SPI “Entrepreneur women” in El Placer, a poor neighborhood in the uplands of the historic center of Quito. It was founded in December 1999 by 45 women who wanted to defend their rights to work and their economic freedom. Today it is one of the most successful SPI of CEPESIU! Even if the group only counts with 12 women now (as most of them migrated to Spain), the group keeps on being independent and more dynamic than ever. Their story began in 1999 with 2 months of training provided by CEPESIU, in order to teach them how to manage financial saving services, credit and capitalization in an independent way. The system is simple: each member contributes to the constitution of the starting capital with 5$, and adds between 5$ and 10$ each month. This allows the entrepreneurs to reach financial services in order to launch a business, invest, save money and thus get financial resources. And the Ecuadorians I met have so many ideas! They are enterprising, professional, united, far-sighted and ambitious!

dolls, called muñequitas, to be sold in Switzerland or in the United States of America. These figurines represent groups, communities in typical Ecuadorian costumes. They are handmade with meticulous care, thanks to a creative and collective work which conveys a deep solidarity feeling. But the SPI goes further. The “Entrepreneur women” decided to constitute funds for retirement. Furthermore, they plan to open a launderette in the future! The SPI offers micro-financial services which also benefit to the development of the local community. About 300 customers benefit from microcredits of the SPI, for various projects (professional projects, education for children, purchase of food and goods, health expenses...). They also grant loans to students to enable them to purchase school stationery. Each member has a customer base, that she manages it in an autonomous way. They lend money with a 6% interest rate, that is to say less than the local loan sharks… They are proud of their place in the society and they keep on developing their business which enables them to improve their living conditions, those of their families and their community. Indeed, thanks to their project a real self-esteem feeling has taken hold of the group, giving them the strength to go forward every day. Basically, they are generous and extraordinary women! In fact, after tasting a choclo (a cooked corn cob very appreciated by Ecuadorians), cheese and a fresh fruit salad offered by the SPI, I left with my muñequitas!

They began establishing a commercial craft industry. They make small

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The Babyloanians

The story would be incomplete if we did not pay a tribute to the thousands of Babyloanians as this adventure could not have existed without them. By December 31th, there were more than 13,000 members in the community who lent more than €2,750,000. These loans have been made from all over the world, as there are 133 Babyloanian nationalities! This is why the website is available in French, English and Spanish.

>>Babyloanians, who are you? The average Babyloanian member is 38 years old. He supports on average 4.2 projects of micro-entrepreneurs through the world. His loans amount to around €60 and his average basket is worth around €100. It seems that « Small is Beautiful » is your leitmotiv! Indeed, the financing time of a project is exponentially opposite to the amount: a project of €300 will be financed in 24h on average, whereas it takes 6 times as much for a project of about €600! And for the projects of 700€, it takes 8 days to totally finance them.

Three examples of corporate involvement"

MAIF partner of Ma Classe Solidaire The access to education is a significant involvement for MAIF. This is why the mutual insurance company decided to get involved with Babyloan in order to promote and spread the Ma Classe Solidaire pedagogical kit. Thanks to this partnership, Babyloan beneficiated from the diffusion network of this insurance company.

Ben and Fakto turns its e-consumers into e-consum’actors! Ben & Fakto is a happy fashion online shop for men and women. The name of this joyful company comes from the Latin “bene facto”, which could be translated as “good action”. The mission of Ben & Fakto is not only to sell a wide range of fashionable and high-quality clothes, but also to put the highlight on eco-friendly brands which convey a meaningful message.

each order is invested in a microcredit project. The projects financed by Ben & Fakto are directly put on the website, and the buyer himself chooses among 3 projects the entrepreneur he is eager to support, in order to become a real actor of change.

A bio-tiful partnership Les 2 Vaches is an organic dairy products brand, but above all its goal is to expand a real social business project. Its missions: promote organic food in France, campaign for the well-being of cows, increase the citizens’ awareness and break its back for our taste buds while reducing the impact on the environment. Les 2 Vaches decided to help farmers of several developing countries by allocating loans via Babyloan. This partnership was launched in 2011 and enabled to support about ten micro-entrepreneurs who want to carry out their business in dairy cattle, more particularly in Ecuador, Nicaragua and Tajikistan.

In November 2011, Ben & Fakto has performed a new social action by establishing a partnership with Babyloan. 10% of the total amount of

42|44

www.babyloan.org - annual report 2011

Balance on December 2011 31th >>ASSETS (net value in €)

>>LIABILITIES (net value in €)

As of 12/31//2011

As of 12/31//2010

73 930 29 672 152 1 150 25 409 490 3 368 17 813

Share capital

Turnover tax payable

37 937 25 655 278 2 100 4 140 839 2 224 6 670

Supplier liabilities

8 656 29 953

174 8 223 21 710

Others (amounts receivable from internet users to MFIs)

783 402

389 507

Total tax and payroll liabilities (social charges provision)

73 946

58 055

Unpaid subscribed capital

206 558 95 443 503 934 1 559 1 670 739

Other debts

5 924 247 1 260 522

3 162 148 736 313

TOTAL Passif

1 670 739

979 377

Brandnames, softwares and similar rights Other tangible assets Long term investments Other financial fixed assets Trade receivables Suppliers receivables Social security

Marketable securities Cash Prepaid expenses TOTAL ASSETS

As of 12/31//2011 As of 12/31//2010

1 405 300 569 426 -1 206 740 -596 447 119 952

Share capital premiums Profit/loss brought forward Profit/loss for the period Convertible bonds Overdrafts Loans

Turnover tax payable Other taxes

434 577 3 309 979 377

1 089 000 269 332 -751 798 -454 942

>>Profit and loss statement As of 12/31//2011

As of 12/31//2010

Net sales

92 826

161 785

Total of operating income

92 899

162 000

Purchase of goods

1 005

2 466

184 588

198 838

5 243

4 477

Wages and salaries

319 318

249 672

Social charges

122 043

96 408

Depreciation of fixed assets

59 366

61 355

Other expenses

1 265

1 150

TOTAL operating expenses

692 828

611 767

OPERATING RESULT

-599 929

-449 767

External costs (website development and costs) Taxes

Total financial income

2 730

452

Total financial expenses

1 527

1 785

FINANCIAL RESULT

1 203

-1 333

-598 726

- 451 100

CURRENT RESULT BEFORE TAXATION Total exceptional income

3 696

Total exceptional expenses

1 418

3 842

EXCEPTIONAL RESULT

2 278

-3 842

Total income

99 325

162 452

Total expenses

695 773

617 394

NET RESULT

-596 448

-454 942

www.babyloan.org - annual report 2011

43|

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Marguerite Marie, Mari, maria, maria cruz, María Elena, Maria-Amata, Maria-Amparo, Mariagna, Marialla, Mariam, Mariama, Marian, M e, Marianna, Marianne, Marie, Marie - Jasmine, Marie Alix, Marie Anna, MARIE ASTRID ET GUY, Marie Brigitte, marie catherine, marie celine, Marie Christine, Marie Claire, Marie Claire et Patrice, marie edith, Marie Emmanuelle, Marie Florence, MARIE FRANCE, marie helene, marie jo, marie José, marie joseph, marie laetitia MARIE LAURENCE, marie line, Marie louise, Marie Madeleine, Marie Michèle, Marie Noëlle, marie odile, Marie Pascale, Marie Paule, MARIE PIERRE, marie -thérèse, marie, Marie-Alexandra, Marie-Alix, Marie-Amélie, Marie-Anne, Marie-Antoinette, Marie-Astrid, Marie-Aude, marie-bernadette, Marie-Caroline, Marie-Céline, ne, marie-claire, Marie-Claude, Marie-Claudine, Marie-Clotilde, Marie-Dominique, Marie-Emilie, Marie-Estelle, Marie-Eve, marie-france, Marie-Françoise, Marie-Hélène, MARIE-JEANNE, Marie-Jo et Denis, Marie-José, marie-josèphe, Marie-Julie, Marieke, Marie-Laetitia, marie-laure, Marie-Laurence, Marie-Lazarine, Mari Line, Mariella, Marielle, marie-lorraine, Marie-Louise, marie-luce, MARIEM, Marie-Madeleine, marie-marthe, Marie-Nathalie, Marie-Noëlle, marie-odile, marie-pascale, marie-paule, marie-paule, Marie-Pierre, marie-rose, marie-sophie, Marie-Sophie, Marie-Thérèse, MARIETHIERRY, Mariette, Mariette, Marie-Zelie, marik marilyse, marin, Marina, Marine, Mario, Marion, marion clovis kevin, Marionlassus, Marité, marius, marjo, Marjolaine, marjolein, marjorie, markus, Marlène, MAROUEN, Maroussia, MARQUER, Mars, Mars&Fred, marseille, Marshall, Marta, MARTHE AURELIE, martial, Martin, Martina, MARTINE, Martinelli, Martinho, MARY Maryla, Marylène, MARYLINE, Mary-Lou, maryse, MASAOUDY, massena, MASSIMO, masson, Mastrogiacomi, Mathias, Mathias(;-), Mathieu, Mathilde, Mathurin, Matilde, Mats, Matteo, Matthias, Matthieu, Matthiews, Maud, Maude, Maurane, Maureen, Maurice, Maurice et Georgette, Maurice&Moi, Maurizio, Mauro, Ma ce, MAXIME, Maximilien, maya, Maylis, MAYZA, MBA, MBISSANE, mc, MCHAR, meagan, Media, Mehdi, Melanie, Mélaz, Melika, mélina, melinda, melissa, Mélissa, Mélodie, melvin, Mercè, Mercedes, MERCIER, MERLIN, Merwann, Meryl, Mesias, Messan Mawutoe, Messaoud, meurice, Mévéna, meyline, mezenge, meziane a, Michaël, Michal, michel, MICHEL & VIOLETTE, MICHEL F., michèle, micheline, MICHELLE, michle, mickaël, miep, Miguel, Mihaela, mihai, mijo, Mikaël, Mike, mil, milena, Milena, Miloud, mimi, minh, Miquel, mir, Mireille, Mirella, mirellie, miriam, miroslav, Mitaux nicolazo, ml, Moffa Bernadette, mohamed, Mohamed Ali, mo moïra, moïse, mokhtar, Mona, monelle, Monica, MONIQUE, MONSAINGEON, mony, moreau, MORENO ARDILA, morgan, Morgane, Morgane et Agathe, MORY, moufida, Mouhamadi, Mouhamadou, mouloud, Moumouni, Mouna, moundir, Mounia, Mounir, mourad, Moussa, Moustapha, Moutalabi, msadek, MULAMBA, ANKWAYA, Muriel, Murielle, murielle-cathy, mustapha, mutuelle, my, Mylene, myriam, MYRTO, N, Nabil, Nabila, naceur, Nacima, Nadège, Nadia, Nadine, nadir, Nadja, Nael, Nafissatou, naig, Naïma, Najet, NAJETE, Najima, nam, Namadie, nana, Nanan, Nancy, Nangbaly, Nanhanto Marie Yolande, NAOKI, Naoual, Narcís, n 85, Nassim, Nastassia, nat, Nat et Nico, Natacha, natalia, Natalie, Natasha, Nath & Henri, Nathalie, Nathalie-Zoé, Nathan, Nathanaelle, Nawel, Nayara, nazer, Ndéye Penda, ndeye talla, Néhémie, nelly, Nelson, Nessrine, N'fassou, Ng, Ngamy, Ngoc Loan, Ngoc Trâm, ngoran, n'guessan armel, Nicholas, nick, Nico, Nicola, nicolae, N bouvier, nicole, nicoletta, Nicolette, nidam, Nihat Erim, Nilgun, NILIETENIN, Nils, Nilsson, Nina, Njakanavalona, nnn, Noa et Mahé, Noé, Noël, NOEL KOUAKOU, noelie, Noëlla, Noëlle, Noémie, Noémie et Thomas, Nogossiami, noham, Nolwenn, nora, NORBERT, nordin, noreddine, Norma, norman, nory, Nouglozé Kodjo, nouhou, Nubia, Nulifer, nuno, NYCIARA, O., oc, Océane, octave, Oden, odette, Odile, Ogier, okta99, Olga, olilo desters, olinde, Oliver, olivia, Olivier, Olivier Edgar, Omar, Ombeline, Onder, Ophélie, Orady, Orel, OrganicVision, Organisation Non Gouvernementale, Oriane, Orianne, ornella, Oscar, ossey joel alex, OUADEBA, Ouafaa, OUATTARA, O ntchi, Ouriel, OUSMANE, Ousmane Amine, PADONOU, Pagomziri Clément, Pamela, panel, paolo, papa demba, Pardo, parents, pascal, Pascale, Pascaline, patache, pathy, patino, Patrice, patrice thierry, patricia, Patricia et Paul, Patrick, patrick herman, Patrick-François, Paul, Paul Aristide, paul edouard phine, Paul-Antoine, Paule Paul-Etienne, Paulette, paulin, Pauline, paulyucon, Pavlina, PE, Pedro, Peggy, peguy florent, Pene Stephane, Penty, PERNELLE, Perrine, Perthuisot, Peter, peusdo, Péwili, Phan, PHIL, philibert, Philip, Philippe, philippon, Phounkeo, phuong, pia, picard, Pier, Pierre, pierre arnaud, Pierre dit Florent, Pierre Edouard, Pierre Emmanue erre louis, pierre yves, Pierre-Alain, pierre-alex, Pierre-Alexandre, Pierre-André, pierre-antoine, Pierre-Donatien, Pierre-Etienne, Pierre-François, 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rolande, Romain, RomainDesbois, Romane, Romaric, romary, romuald, Ronan, Rony, Rooman, Roose-Chopinet, Rosalie, Rosalinda, rosane, Rose, rose marie, Rose Mary, ro oséla, Roseline, ROSELLO, Roselyne, Rose-Marie, Rosemary, Rosy, Rotana, rounia, Roussel, Rouzbeh, roxane, ROZENN, Rozenn, rtrh, Rudy, RUET, Ruiz, Rusell, Rut, Ruth, RV, Rym, S., Sabah, Sabatier, Sabina, Sabine, sabira, SABRINA, Sacha, SACKY MOUSSA, Sadun, Saeed Ahmed, safiatou, sahil, Sahim, Saickou, said, saida, S Salah Eddine, salama, Saleh, Salem, salifou, salih, Salokine, Salomé, Salomon, Saloua, Salvador, salwa, sam, Samba, sameh, Samer, sami, samia, Samir, samira, Samuel, samy, sandra, Sandrine, Sandriss, Sandro, sanga adama, Sanita, sanogo, Santiago, saoussen, sara, sara-dominique, Sarah-Ryfka, sarrah, Sasha, saskia, Sav SAWADOGO, sayano, Sayonara, Scolio, seb, Sébastien, Sébastien et Anne, seffal, SEFIOU, segolene, sei, seif, selim, Semanti, Séminaire, senghor, seraphine, serena, Serge, E, Sergio, serhane, serigne, 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