Organization Profile & Updates
Year of First Loan: 1993
Total Borrowers (1998-2004): 7,451
Current Number of Clients (2004): 2,180
Percentage of Women Borrowers: 90%
Clients Considered Poorest: 98%
Total Funds Loaned (1993-2004): $1,113,116
Portfolio (2004): $89,446; 1,711 clients
Operating Budget (2004): $85,774
Number of Employees: 33
Loan Repayment Rate: 97%
Visayas Enterprise Foundation (VEF)
Room 301, 3/F Dona Luisa Building
Fuente Osmeña, Cebu City 6000
Visayas Enterprise Foundation (VEF) is one of the three partner foundations affiliated with Enterprise Mentors International in the Philippines. VEF's focuses on providing business training, consulting, and microloan services. VEF is overseen by a local board of directors comprised of successful businessmen, entrepreneurs, and community leaders.
VEF offers its services to members of its Grameen Replication Program (KAABAG: "Helping One Another"), whose members are mainly women (97%). They utilize poverty measurement tools to ensure that all participants are among the "poorest." The following is a list of services offered:
- Trainings on: Grameen Methodology, Leadership, and Simple Record Keeping
- Mutual Aid Benefit (Micro-insurance) in case of death or sickness
- Marketing Assistance
VEF is a member of the Microfinance Council of the Philippines, Inc. (MCPI) and of the Microcredit Summit Campaign Council of Practitioners.
MCPI provides trainings of various types to its members, which helps to ensure compliance with local government regulations. VEF also works closely with its sister foundations in the Philippines: PMDF (Philippines Microenterprise Development Foundation), MEDF (Mindanao Enterprise Development Foundation), and its parent foundation EMI.
The VEF Story
In 1991 a group of businessmen, successful entrepreneurs, and community leaders, with the support of EMI, joined efforts to form an organization that would support very poor families of the local community. These efforts were focused on improving families' business practices and, consequently, improving their quality of life (nutrition, education, housing, sanitation, etc.).
By 1991, the Grameen Program of Dr. Muhammad Yunus was known worldwide to have helped the very poor in Bangladesh. This impressive program was later replicated in many parts of the world including the Philippines.
VEF, PMDF, and MEDF were determined to reach the poorest among the poor by replicating the Microcredit Grameen program in the Philippines. In 1998, after the Executive Director Tony Mausisa had visited Bangladesh and learned the Microcredit Grameen program, VEF started implementing a replication of the program.