COAC 4 de Octubre was founded in 1996 by a group of drivers in Penipe (Riobamba) with the purpose to promote financial inclusion among drivers in their region. Since its inception, the institution has grown progressively focusing on strengthening the cooperativity base and has diversified its operations in the Riobamba region. The scope of operations by sectors and products has also been expanded.
Improve life quality in the most vulnerable sectors covering financial needs by providing innovative, friendly, solidary and high-quality financial products/services with high client orientation is part of the MFIs mission.
COAC 4 de Octubre targets micro and individual entrepreneurs. The MFI finances more than 13,000 micro-entrepreneurs through its eight agencies. The average disbursed loan is of EUR 6,371.
Three products are proposed to their clients: microcredit; consumer “Prioritario”, mainly for house improvement; and consumer “Ordinario”, mainly for the purchase of vehicles.