SEEDFINANCE Corporation, a microfinance lender headquartered in Manila, the Philippines, received a USD 1 million loan from MicroVest I (MVI) in May 2009. SEEDFINANCE provides wholesale financing to Filipino microfinance institutions (MFIs) and loans to small enterprises. MicroVest is an investment firm which raises funds to invest in MFIs in emerging markets. This is its first loan to SEEDFINANCE and in the Philippines. This deal was reported to the Consultative Group to Assist the Poor (CGAP) Microfinance Dealbook, a monthly report on microfinance capital market transactions.
SEEDFINANCE was registered as a company in April 2007 by the Securities and Exchange Commission of the Philippines. It continues the microfinance work of its two founding organizations CARE Philippines and Sustainable Economic Activity Development (SEAD) Incorporated. In 1994 CARE Philippines launched its first microfinance program in the Philippines, the Microenterprise Assistance Program (MAP). MAP provided wholesale microfinance, training and technical assistance to partner MFIs. In 2002 MAP was incorporated into a new organization, SEAD, and several members from CARE sat on its board. In January 2008, following the creation of SEEDFINANCE, CARE owned 60 percent and SEAD owned 15 percent; the two largest investors.
SEEDFINANCE is a partner in microfinance development in the Philippines. It provides high quality microfinancial services to hundreds of thousands of poor and low-income people in the Philippines through its strong network of 67 partner organizations. It also delivers small loans to small businesses.
In 2009, SOEMCO became a partner of SEEDFINANCE in the implementation of its BUKAS (Barug Ug Kayod Aron molambo ang Surigao) Microfinance Program. Moreover, SEEDFINANCE provided technical assistance to SOEMCO on areas of portfolio management, strategic planning, viability planning, policy manualization, performance management systems and other aspects which helped the cooperative a lot in its efforts to become a world-class cooperative.