Financial Statements
On the following page you can find information about financial indicators of Micro Development Fund, as well as Auditor’s Opinion by MGI Auditing & Accounting, that audited MDF Financial Statements.
2006
Balance Sheet, click here.
Auditor’s Opinion, click here.
Income Statement, click here.
2005
Balance Sheet, click here.
Income Statement, click here.
Performances Indicator, click here.
Auditor’s Opinion, click here.
2004
Balance Sheet, click here.
Income Statement, click here.
Performances Indicator, click here.
Auditor’s Opinion, click here.
Outreach Indicators
|
2006 |
2005 |
2004 |
2003 |
2002 |
2001 |
| Number of Active Clients (Borrowers) | 2136 |
2378 |
2289 |
1685 |
968 |
615 |
| Average Loan Balance per Borrower (EUR) | 1.591,00 |
1.319,00 |
1.023,00 |
962,00 |
820,00 |
846,00 |
| Women Borrowers (%) | 45% |
42% |
41.42% |
40.00% |
39.77% |
41.46% |
| Clients below poverty line (%) | 48% |
38% |
40% |
47% |
56% |
65% |
| Clients in bottom half of the population below poverty line (%) | 9% |
7% |
8% |
10% |
27% |
26% |
| Clients in households earning less than USD 1/day per household member (%) | 0,5% |
2% |
2% |
3% |
9% |
10% |
| Clients starting micro enterprise for the first time (%) | 37% |
44% |
53% |
57% |
61% |
78% |
Clients’ Status
|
2006 |
2005 |
2004 |
2003 |
2002 |
2001 |
| Refugees | 17% |
20% |
29% |
50% |
70% |
81% |
| Internal Displaced Persons | 22% |
27% |
36% |
28% |
18% |
11% |
| Local Entrepreneurs | 61% |
53% |
35% |
22% |
12% |
8% |
| Ukupno | 100% |
100% |
100% |
100% |
100% |
100% |
Micro-credit organizations work with the goal of providing sustainable finance to poor entrepreneurs who lack access to formal bank finance because of inability to fulfill collateral, credit history, and other banking requirements which means they reach a poorer level of society than commercial banks. Generaly, in Serbia since recently micro-lending was focused on reaching refugees and IDPs, as they were most vulnerable part of the population. The table shows that after several years of their integration situation is changing, and local entrepreneurs are becoming more tageted group of clients.
Impact Research
Micro Development Fund carried out research in order to identify the level of Micro Loan Program influence on economic and social status of clients` households, businesses and employment. Also, MDF wanted to know whether the characteristics of the loan program are accordant to the clients' needs. In conditions of increasing the poverty in Serbia (every tenth person lived below the poverty line in Serbia in 2002.), then arriving about 600.000 refugees and IDPs to Serbia and high unemployment rate of approximately 30%, microfinance appeared as a good poverty alleviation and job creation tool. Study results showed that majority of clients improved their household income and living standard in larger extant. It also showed that continued access to micro credits provides better opportunities for planning and development of the clients' businesses, i.e. clients have more significantly improved their businesses in relation to period before taking a first loan.
It was concluded that micro-loan program offered possibility for self-employment through either the start up of new businesses or the development of existing ones, indeed.
And finaly it was concluded that the loan product characteristics were generally in accordance to the clients needs.
These results indicate that the micro-loan program had positive impact on improvement of economic situation of clients and their family livelihoods.
Download complete research here.