Unlocking Growth of Women-Owned SMEs Through Credit Guarantees

1 Unlocking Growth Through Credit Guarantees
CONTRACTOR
The QED Group, LLC
1250 Eye Street
Suite 1100
Washington, D.C. 20005
ABOUT THE AUTHOR
Lara Storm is the Director of Financial Inclusion at MIX and is responsible for leading MIX’s
growing portfolio of financial inclusion projects. Storm’s rich experience in financial inclusion
and client-centric microfinance started with her work managing client and market research at
ProMujer and prior work accrediting partner MFIs at Catholic Relief Services. Immediately
before joining MIX, she led the Youth-Inclusive Financial Services Linkage program at Making
Cents, developing and managing training curricula and a platform for best practice exchange to
promote appropriate financial services to youth. Storm started her career in Ecuador and then
in New York as a credit ratings analyst with Fitch Ratings. She holds a Masters of International
Affairs from Columbia University’s School of International and Public Affairs and a B.A. in
Spanish and Geography from the University of California, Davis.

Unlocking Growth Through Credit Guarantees 2
UNLOCKING GROWTH THROUGH CREDIT GUARANTEES:
An overview analysis of loans to woman-owned SMEs

CONTENTS
ACRONYMS.......................................................................................................................................................................4
LIST OF TABLES................................................................................................................................................................5
LIST OF FIGURES..............................................................................................................................................................6
EXECUTIVE SUMMARY..................................................................................................................................................7
BACKGROUND .............................................................................................................................................................10
RATIONALE.....................................................................................................................................................................10
ABOUT THE DATA.......................................................................................................................................................11
SECTOR ANALYSIS .......................................................................................................................................................17
BUSINESS SIZE ANALYSIS ...........................................................................................................................................21
FIRST-TIME BORROWER ANALYSIS.......................................................................................................................23
CONCLUSION................................................................................................................................................................27
RECOMMENDATIONS FOR USAID ........................................................................................................................28
ANNEXES .........................................................................................................................................................................29

ACRONYMS
DCA Development Credit Authority
DRC Democratic Republic of Congo
E&E Europe and Eurasia
FY Fiscal Year
ICT Information and Communications Technology
IFC International Finance Corporation
LAC Latin American and the Caribbean
MENA Middle East and North Africa
MFI Microfinance Institution
MPEP Microenterprise and Private Enterprise Promotion office
MSMEs Micro, Small, and Medium Enterprises
NGO Non-Governmental Organization
SMEs Small and Medium Enterprises
UN United Nations
USAID United States Agency for International Development
WLSME Women’s Leadership in Small and Medium Enterprises

LIST OF TABLES
Table 1: DCA Portfolio Overview (FY 1999 – 2012).............................................................................................11
Table 2: Median Loan Size (US$) by Gender and Business Size..........................................................................12
Table 3: Arrears as % of Total Number of SME Loans, by Region......................................................................16
Table 4: Median Loan Size (US$) and Median Tenor (months)............................................................................17
Table 5: Ownership as % of Total SME Loans, by Gender and Sector...............................................................18
Table 6: Comparison of Median Loan Size and Tenor, by Gender and Sector................................................19
Table 7: Distribution of Arrears, by Gender and Sector (% of loans > 30 days past due)............................20
Table 8: Proportion of Loans Made to SMEs............................................................................................................21
Table 9: Median Loan Size (US$), by Gender and Business Size..........................................................................22
Table 10: % of Total Arrears > 30 Days, by Gender and Business Size.............................................................22
Table 11: Comparison of First-Time Borrowers, by Sector.................................................................................24
Table 12: Repeat vs. First-Time Borrowers, by Number of Employees ............................................................25
Table 13: Percentage of Loans Made to First-Time and Repeat Borrowers.....................................................26
Table 14: Distribution of Loans, by Country and Gender (number of loans per country)...........................30
Table 15: Loan Size Distribution, by Gender of Borrower's Firm Ownership.................................................33
Table 16: % Distribution of DCA SME Portfolio, by Gender and Country.......................................................34
Table 17: Gender Breakdown of DCA-backed SME Loans, by Country (% country-specific loan
portfolio)............................................................................................................................................................................37
Table 18: Portfolio Allocation, by Country and Gender (US$)............................................................................40
Table 19: Portfolio Allocation, by Country and Gender (% of total, US$523.3 million)................................43
Table 20: Country Portfolio Distribution, by Gender............................................................................................46
Table 21: Number of First-time/Repeat Borrowers, by Country (women-owned SMEs).............................49
Table 22: Division of First-Time/Repeat Borrowers, by Country (women-owned SMEs)............................51
Table 23: Number of First-Time/Repeat Borrowers, by Country (men-owned SMEs) .................................53
Table 24: Division of First-Time/Repeat Borrowers, by Country (men-owned SMEs)..................................55
Table 25: Distribution of First-Time Borrowers, by Sector and Gender ..........................................................57

LIST OF FIGURES
Figure 1: Number of Loans, by Gender of Ownership...........................................................................................12
Figure 2: Portfolio Value, by Gender of Ownership ...............................................................................................13
Figure 3: Number of Men-owned SME Loans, According to Number of Employees.....................................13
Figure 4: Number of Women-owned SME Loans, According to Number of Employees..............................13
Figure 5: Breakdown of Number of Loans, by Region and Gender....................................................................15
Figure 6: Portfolio Value Breakdown by Region and Gender...............................................................................15
Figure 7: Loans to First-time Borrowers ...................................................................................................................23
Figure 8: Distribution of Women-owned SME (out of 176 loans > 30 days past due) ..................................33

EXECUTIVE SUMMARY
1 IFC-McKinsey Report, 2011.
4 Bardasi, et al., 2007; Demigurc-Kunts, et al., 2008; Diagne, 2000; Ellist et al., 2007; GEM, IFC, 2005, Faisel, 2004;
Rose, 1992; ILO/AfDB, 2004, Goheer, 2003, Narain, 2007; Rischardons, et al, 2004.
5 To support the work that is being done, and that has already been done, in the areas of gender and SME development,
USAID’s Microenterprise & Private Enterprise Promotion Office (MPEP) launched the Women’s Leadership in SMEs
online community platform, www.wlsme.org. The site allows practitioners in the development community to further the
discussion around these issues and to generate a growing body of knowledge on how to address limitations to women’s
SME growth.
6 To see more explanation behind the SME definition for this report, please see Section 3.

7 D’Espallier, Guérin and Mersland, 2009. Women and Repayment in Microfinance.
9 As previously stated, the definition of SME for the purposes of this report will use a dollar value (>US$2,000) rather
than number of employees, since 40% of all guaranteed loans reported in the DCA database do not have information on
number of employees.
10 17.5% of the SME loans do not report on first-time borrower status.

11 5.9% of men-owned SME loans do not report on first-time borrower status.
12 2.8% of women-owned SME loans do not report on first-time borrower status.
13 Because of data quality issues, this study could not analyze interest rates and collateral requirements by gender of the
SME owner.

1. BACKGROUND
2. RATIONALE
www.wlsme.org
14 The IFC-McKinsey Report uses the following MSME definitions: micro (1-4 employees), very small (5-9 employees),
small (10-49 employees), and medium enterprises (50-250 employees).
16 Bardasi, et al.. 2007; Demigurc-Kunt, et al., 2008; Diagne, 2000; Ellis et al., GEM, IFC, 2005, Faisel, 2004; Rose, 1992;
ILO/AfDB, 2004; Goheer, 2003: Narain, 2007; Richardson, et al., 2004.
18 UN Millennium Development Goal #3, http://www.un.org/millenniumgoals/gender.shtml
19 Baliamoune-Lutz and McFillivray, 2007 UNECA.

Table 1: DCA Portfolio Overview (FY 1999 – 2012)
3. ABOUT THE DATA
Number of Guarantees 344
Private Capital Mobilized US$2,733,084,131
Actual Disbursements US$1,123,620,048
Subsidy Cost US$117,791,294
Net Claims Paid US$10,471,787
Fees Received US$11,827,270
Net Default Rate 1.8%
Utilization Rate (Expired Guarantees) 81%
Number of Borrowers 130,298
Average Loan Size US$8,623
Number of Risk Sharing Partners 259
Countries with DCA Guarantees 70
Leverage 23

GLOBAL RESULTS
20 Please see Table 25 in the Appendix for loan size distribution by gender of the borrower’s owner. This analysis also
disregards some loans under the Housing category, which went to individuals rather than SMEs, and loans under the
Infrastructure category, which went to municipalities and other public entities.
22 The DCA may offer multiple guarantees in a country, each with different intents, terms, and lending partners.
22 For 14.2 percent of loans, lenders did not report on gender of ownership.
Table 2: Median Loan Size (US$) by Gender and
Business Size
Size
Women-
owned
SMEs
Men-
owned
SMEs
Overall
>100 Employees 112,659 416,000 336,115
51-100 Employees 89,090 82,645 82,645
11-50 Employees 17,403 8,573 10,171
6-10 Employees 8,507 3,889 3,947
1-5 Employees 697 1,680 1,189
No Employees 770 911 877
Figure 1: Number of Loans by Gender
of Ownership
Men-
owned,
67.72%
Women
-owned,
18.10%
N/A,
14.17%

23 For 8.6 percent of portfolio value, lenders did not report on gender of ownership.
24 IFC-McKinsey Report, 2011
Figure 2: Portfolio Value by Gender of
Ownership (US$523.2 million)
Men-
owned,
81.64%
Women
-owned,
9.76%
N/A,
8.60%

REGIONAL FOCUS
25 D’Espallier, Guérin and Mersland, 2011.
26 Hundley, 2001.
27 World Bank Agriculture Resource Book, 2008, ibid, de Janvry and other, 2006, World Bank, 2004.
28 IFC-McKinsey Report, 2011

29 3.93% of the portfolio does not list region, but instead is listed as “worldwide,” representing some guarantees to
organizations that operate globally.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
AFRICA ASIA E&E LAC MENA Worldwide
N/A
Women-owned SMEs
Men-owned SMEs
Figure 6: Portfolio Value Breakdown by Region and Gender
%ofPortfolio(outofUS$523.3million)
0%
10%
20%
30%
40%
50%
60%
AFRICA ASIA E&E LAC MENA Worldwide
N/A
Women-owned SMEs
Men-owned SMEs
Figure 5: Breakdown of Number of Loans by Region and Gender
%ofLoans(outof19,599)

Table 3: Arrears as % of Total Number of SME Loans, by Region
Region
Women-owned
SMEs
Men-owned
SMEs
Gender of ownership
unknown
Overall
average
Africa 4.0% 3.7% 1.8% 3.3%
Asia 6.3% 7.7% 0.0% 7.4%
E&E 4.5% 6.1% 3.1% 5.0%
LAC 4.9% 6.4% 3.3% 5.7%
MENA — — — —
Overall average 5.0% 5.8% 3.0% 5.3%
30 Lending partners in Bulgaria and Mali did not report on gender of ownership.
31 Armenia, Bangladesh, Egypt, India, Jordan, Philippines, South Sudan, Sri Lanka, Togo, West Bank/Gaza, Zimbabwe

Table 4: Median Loan Size (US$) and Median Tenor (months)
Region
Women-owned
SMEs
Men-owned
SMEs
Women-owned
SMEs
Men-owned
SMEs
Africa $ 6,506.51 $ 4,463.03 12.0 24.0
Asia $ 5,291.01 $ 5,291.01 36.0 35.0
E&E $ 3,260.87 $ 6,468.31 48.1 36.0
LAC $ 3,285.87 $ 4,082.21 15.1 12.6
MENA — $ 170,338.98 — 35.1
4. SECTOR ANALYSIS
32 Amin, 2010.
33 FAO, 2011.

Table 5: Ownership as % of Total SME Loans, by Gender and Sector
Sector
Men-owned
SMEs
Women-owned
SMEs
Gender not
specified
Total value by
sector
Agriculture 65.46% 37.26% 51.40% 58.37%
Trade/Commerce 17.32% 36.64% 19.33% 21.10%
Manufacturing 5.46% 9.78% 19.08% 8.17%
Other Service 4.23% 7.67% 0.40% 4.31%
Education 1.23% 3.80% 0.22% 1.55%
Tourism 0.64% 1.01% 0.14% 0.64%
Not reported 1.85% 0.87% 7.27% 2.44%
Transportation 0.78% 0.73% 0.36% 0.71%
Health 1.08% 0.59% 0.29% 0.88%
Fisheries/Aquaculture 0.45% 0.54% 0.25% 0.44%
Construction 0.74% 0.42% 0.83% 0.69%
Information and Communications
Technology
0.32% 0.31% 0.18% 0.30%
Forestry/Wood 0.29% 0.28% 0.22% 0.28%
Energy 0.15% 0.08% 0.04% 0.12%
Grand Total 100.00% 100.00% 100.00% 100.00%
34 Please see Annex 1 for sector definitions in DCA loan reporting.

Table 6: Comparison of Median Loan Size and Tenor, by Gender and Sector
Median Loan Size (US$) Median Tenor (Months)
Sector
Women-
owned SMEs
Men-owned
SMEs
Median
Overall
Women-
owned SMEs
Men-owned
SMEs
Overall
Construction $ 48,862 $ 16,104 $ 18,541 36 24 24
ICT $ 39,606 $ 15,671 $ 21,955 37 27 30
Health $ 19,803 $ 20,544 $ 20,396 36 24 24
Transportation $ 15,194 $ 18,814 $ 18,428 39 32 34
Energy $ 8,367 $ 97,656 $ 72,289 24 24 24
Tourism $ 5,479 $ 49,296 $ 25,000 36 48 36
Trade/Commerce $ 4,628 $ 6,364 $ 5,612 22 24 24
Forestry $ 4,469 $ 12,997 $ 7,421 36 35 36
Education $ 3,883 $ 3,723 $ 3,820 23 18 19
Agriculture $ 3,802 $ 3,906 $ 3,906 18 12 12
Manufacturing $ 3,000 $ 6,000 $ 5,143 19 19 19
Other Service $ 2,812 $ 5,277 $ 4,174 24 28 24
Fisheries $ 2,287 $ 2,768 $ 2,665 30 24 24
Overall $ 3,906 $ 4,577 $ 4,423 23 22 22

Table 7: Distribution of Arrears, by Gender and Sector (% of loans > 30 days past due)
Sector
Men-owned
SMEs
Women-
owned SMEs
Gender not
specified
Total value
by sector
Agriculture 7.2% 8.7% 3.7% 6.9%
Construction 5.1% — — 3.7%
Education 6.1% 6.7% — 6.3%
Energy 5.0% — 100.0% 8.3%
Fisheries/Aquaculture 5.0% 5.3% — 4.7%
Forestry/Wood 7.7% — — 5.5%
Health 2.1% 14.3% — 3.5%
Information & Communication Technologies — — — —
Manufacturing 3.4% 2.9% 1.3% 2.6%
Other Service 2.9% 0.7% — 2.1%
Tourism 5.9% 11.1% — 7.2%
Trade/Commerce 2.3% 2.3% 2.0% 2.3%
Transportation 3.9% 3.8% — 3.6%
Not Reported 6.9% 3.2% 5.4% 6.1%
Overall Average 5.8% 5.0% 3.0% 5.3%

5. BUSINESS SIZE ANALYSIS
36 Given the relatively small loan size used to define SMEs in this analysis, it is perhaps not surprising that loans made to
borrowers with 0 or 1–5 employees comprise the majority of the portfolio across ownership gender.
Table 8: Proportion of Loans Made to SMEs
Number of
employees
Men-
owned
borrowers
Women-
owned
borrowers
Gender not
specified
Overall
Average
0 34.3% 36.0% 3.3% 30.2%
1–5 43.3% 45.2% 25.2% 41.1%
6–10 8.1% 4.6% 0.0% 6.3%
11–50 9.9% 6.1% 0.1% 7.8%
51–100 0.6% 0.6% 0.0% 0.5%
>100 0.4% 0.3% 0.0% 0.3%
Not
Reported
3.5% 7.2% 71.4% 13.8%
Grand Total 100.0% 100.0% 100.0% 100.0%

Table 10: % of Total Arrears > 30 Days, by Gender and Business Size
Size (# of Employees)
Men-owned
SMEs
Women-owned
SMEs
Gender not
specified
Total
0 1.60% 0.39% 0.04% 2.02%
1–5 1.75% 0.37% 0.07% 2.19%
6–10 0.20% 0.02% 0.00% 0.22%
11–50 0.29% 0.06% 0.00% 0.34%
51–100 0.00% 0.02% 0.00% 0.02%
>100 0.02% 0.01% 0.00% 0.03%
Not reported 0.07% 0.04% 0.32% 0.43%
Total 3.93% 0.90% 0.42% 5.25%
Table 9: Median Loan Size (US$), by Gender and Business Size
Size (# of Employees) Women-owned SMEs Men-owned SMEs Overall
0 $3,409 $4,631 $4,233
1–5 $3,636 $3,745 $3,717
6–10 $12,151 $5,017 $5,769
11–50 $24,451 $10,669 $13,548
51–100 $98,814 $82,645 $82,713
>100 $112,659 $465,310 $350,000

6. FIRST-TIME BORROWER ANALYSIS
37 DCA defines a first-time borrower as an individual who is borrowing from a specific institution for the first time.
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
PercentageofallSMEloans
Men-owned
Women-owned
N/A
Figure 7: Loans to First-time Borrowers
Borrowers

Table 11: Comparison of First-Time Borrowers, by Sector
Sector
Repeat
Borrowers
First-time
Borrowers
Gender not
specified
Total
Tourism 45.60% 52.80% 1.60% 100.00%
Other Service 47.04% 50.59% 2.37% 100.00%
Agriculture 30.85% 50.36% 18.79% 100.00%
Education 56.91% 42.76% 0.33% 100.00%
ICT 55.93% 42.37% 1.69% 100.00%
Energy 62.50% 33.33% 4.17% 100.00%
Trade/Commerce 56.87% 33.17% 9.96% 100.00%
Forestry/Wood 69.09% 29.09% 1.82% 100.00%
Transportation 69.06% 28.06% 2.88% 100.00%
Health 29.65% 19.77% 50.58% 100.00%
Construction 76.47% 17.65% 5.88% 100.00%
Manufacturing 51.31% 15.23% 33.46% 100.00%
Not reported 52.30% 5.44% 42.26% 100.00%
Grand Total 40.55% 41.95% 17.51% 100.00%

Table 12: Repeat vs. First-Time Borrowers, by Number of Employees
Number of employees
of SME borrower
Repeat
borrowers
First-time
borrowers
Loan history not
reported
Grand Total
0 52.9% 45.3% 1.9% 100.0%
1–5 40.0% 42.6% 17.3% 100.0%
6-–10 43.2% 51.7% 5.1% 100.0%
11–50 47.5% 50.1% 2.4% 100.0%
51–100 65.7% 33.3% 1.0% 100.0%
>100 39.1% 60.9% 0.0% 100.0%
Number not reported 9.0% 23.5% 67.5% 100.0%
Grand Total 40.5% 41.9% 17.5% 100.0%

Table 13: Percentage of Loans Made to First-Time and Repeat Borrowers
Gender of ownership &
number of employees
Repeat
borrowers
First-time
borrowers
Loan history
not reported
Grand Total
Men-owned SMEs 44.7% 49.4% 5.9% 100.0%
0 53.8% 45.7% 0.5% 100.0%
1–5 41.1% 47.8% 11.1% 100.0%
6–10 40.9% 53.7% 5.4% 100.0%
11–50 45.1% 52.1% 2.8% 100.0%
51–100 73.2% 26.8% 0.0% 100.0%
>100 32.7% 67.3% 0.0% 100.0%
Women-owned SMEs 50.5% 46.7% 2.8% 100.0%
0 53.1% 46.9% 0.0% 100.0%
1–5 53.8% 42.8% 3.4% 100.0%
6–10 58.5% 38.4% 3.0% 100.0%
11–50 61.8% 37.8% 0.5% 100.0%
51–100 35.0% 60.0% 5.0% 100.0%
>100 77.8% 22.2% 0.0% 100.0%
Gender not reported 8.0% 0.4% 91.6% 100.0%
0 4.4% 1.1% 94.5% 100.0%
1–5 0.1% 0.0% 99.9% 100.0%
11–50 33.3% 66.7% 0.0% 100.0%
Overall average 40.5% 41.9% 17.5% 100.0%

7. CONCLUSION

8. RECOMMENDATIONS FOR USAID

ANNEX 1
BUSINESS/SECTOR DEFINITIONS USED IN DCA LOAN CLASSIFICATIONS:

ANNEX 2
Table 14: Distribution of Loans, by Country and Gender (number of loans per country)
Country Men-owned SMEs Women-owned SMEs
Gender not
reported
Total
Albania 26 2 7 35
Angola 6 2 — 8
Armenia 1 — — 1
Azerbaijan 158 24 — 182
Bangladesh 3 — 5 8
Bosnia Herzegovina 28 1 1 30
Bulgaria — — 1 1
Burundi 13 1 — 14
Colombia 654 441 — 1095
DRC 37 14 — 51
Dominican Republic 1531 271 — 1802
Ecuador 681 506 573 1760
Egypt 1 — — 1
El Salvador 180 47 22 249
Ethiopia 72 6 26 104
Georgia 58 6 2 66
Ghana 1053 97 1 1151
Guatemala 223 31 — 254
Guyana 204 73 64 341
Haiti 801 203 88 1092
Honduras 30 7 23 60
India 2 — — 2

Gender not
reported
Total
Indonesia 1728 528 — 2256
Jamaica 92 207 28 327
Jordan 12 — 1 13
Kenya 668 275 348 1291
Kosovo 274 8 443 725
Kyrgyzstan 3 1 — 4
Liberia 5 1 — 6
Macedonia 399 111 12 522
Malawi 81 9 7 97
Mali — — 1 1
Moldova 10 5 44 59
Mongolia 152 57 — 209
Mozambique 115 12 1 128
Nicaragua 115 41 127 283
Nigeria 142 12 2 156
Paraguay 145 10 — 155
Peru 1642 347 173 2162
Philippines 2 — 1 3
Rwanda 9 1 10 20
Senegal 389 26 45 460
South Africa 33 18 — 51
South Sudan 2 — — 2
Sri Lanka 1 — — 1
Swaziland 37 2 10 49
Tajikistan 368 35 — 403

Gender not
reported
Total
Tanzania 214 17 — 231
Togo 1 — — 1
Uganda 751 86 703 1540
West Bank/Gaza 1 — — 1
Zambia 79 3 8 90
Zimbabwe 9 — — 9
Not reported 32 4 1 37
Grand Total 13273 3548 2778 19599

ANNEX 3
Figure 8: Distribution of Women-owned SMEs (out of 176 loans > 30 days past due)
Table 15: Loan Size Distribution, by Gender of Borrower's Firm Ownership
Loan size, upper limit (US$) Cumulative %, women-owned SMEs Cumulative %, men-owned SMEs
$2,000 2.31% 0.75%
$3,000 37.17% 29.42%
$4,000 52.51% 46.69%
$5,000 61.56% 55.60%
$6,000 67.96% 63.52%
$7,000 72.34% 67.61%
$8,000 75.72% 70.68%
$9,000 77.72% 72.42%
$10,000 80.32% 74.54%
$11,000 81.98% 76.46%
$12,000 83.70% 77.69%
$13,000 85.08% 78.90%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
Cumulativepercentage
Loan size, upper limit of range (USD)
Loan size distribution by gender of borrower's owner
Loans to women-
owned SMEs
Loans to men-owned
SMEs

Loan size, upper limit (US$) Cumulative %, women-owned SMEs Cumulative %, men-owned SMEs
$14,000 85.84% 79.72%
$15,000 86.89% 81.04%
$16,000 87.42% 81.88%
$17,000 88.16% 82.59%
$18,000 88.41% 82.97%
$19,000 89.17% 83.45%
$20,000 89.90% 84.28%
$30,000 92.78% 88.09%
$40,000 94.42% 90.24%
$50,000 95.09% 91.34%
More 100.00% 100.00%
Table 16: % Distribution of DCA SME Portfolio, by Gender and Country
Gender not
specified
Total
Indonesia 8.82% 2.69% 0.00% 11.51%
Peru 8.38% 1.77% 0.88% 11.03%
Dominican Republic 7.81% 1.38% 0.00% 9.19%
Ghana 5.37% 0.49% 0.01% 5.87%
Haiti 4.09% 1.04% 0.45% 5.57%
Uganda 3.83% 0.44% 3.59% 7.86%
Ecuador 3.47% 2.58% 2.92% 8.98%
Kenya 3.41% 1.40% 1.78% 6.59%
Colombia 3.34% 2.25% 0.00% 5.59%
Macedonia 2.04% 0.57% 0.06% 2.66%
Senegal 1.98% 0.13% 0.23% 2.35%

Gender not
specified
Total
Tajikistan 1.88% 0.18% 0.00% 2.06%
Kosovo 1.40% 0.04% 2.26% 3.70%
Guatemala 1.14% 0.16% 0.00% 1.30%
Tanzania 1.09% 0.09% 0.00% 1.18%
Guyana 1.04% 0.37% 0.33% 1.74%
El Salvador 0.92% 0.24% 0.11% 1.27%
Azerbaijan 0.81% 0.12% 0.00% 0.93%
Mongolia 0.78% 0.29% 0.00% 1.07%
Paraguay 0.74% 0.05% 0.00% 0.79%
Nigeria 0.72% 0.06% 0.01% 0.80%
Mozambique 0.59% 0.06% 0.01% 0.65%
Nicaragua 0.59% 0.21% 0.65% 1.44%
Jamaica 0.47% 1.06% 0.14% 1.67%
Malawi 0.41% 0.05% 0.04% 0.49%
Zambia 0.40% 0.02% 0.04% 0.46%
Ethiopia 0.37% 0.03% 0.13% 0.53%
Georgia 0.30% 0.03% 0.01% 0.34%
DRC 0.19% 0.07% 0.00% 0.26%
Swaziland 0.19% 0.01% 0.05% 0.25%
South Africa 0.17% 0.09% 0.00% 0.26%
Honduras 0.15% 0.04% 0.12% 0.31%
Bosnia Herzegovina 0.14% 0.01% 0.01% 0.15%
Albania 0.13% 0.01% 0.04% 0.18%
Burundi 0.07% 0.01% 0.00% 0.07%
Jordan 0.06% 0.00% 0.01% 0.07%

Gender not
specified
Total
Moldova 0.05% 0.03% 0.22% 0.30%
Rwanda 0.05% 0.01% 0.05% 0.10%
Zimbabwe 0.05% 0.00% 0.00% 0.05%
Angola 0.03% 0.01% 0.00% 0.04%
Liberia 0.03% 0.01% 0.00% 0.03%
Bangladesh 0.02% 0.00% 0.03% 0.04%
Kyrgyzstan 0.02% 0.01% 0.00% 0.02%
India 0.01% 0.00% 0.00% 0.01%
Philippines 0.01% 0.00% 0.01% 0.02%
South Sudan 0.01% 0.00% 0.00% 0.01%
Armenia 0.01% 0.00% 0.00% 0.01%
Egypt 0.01% 0.00% 0.00% 0.01%
Sri Lanka 0.01% 0.00% 0.00% 0.01%
Togo 0.01% 0.00% 0.00% 0.01%
West Bank/Gaza 0.01% 0.00% 0.00% 0.01%
Bulgaria 0.00% 0.00% 0.01% 0.01%
Mali 0.00% 0.00% 0.01% 0.01%
Not reported 0.16% 0.02% 0.01% 0.19%
Grand Total 67.72% 18.10% 14.17% 100.00%

ANNEX 4
Table 17: Gender Breakdown of DCA-backed SME Loans, by Country
(% country-specific loan portfolio)
*For the purpose of this analysis, SME is defined as a business with a loan of US$2,000 or greater
Gender not
specified
Total
Jamaica 28.13% 63.30% 8.56% 100.00%
Colombia 59.73% 40.27% 0.00% 100.00%
South Africa 64.71% 35.29% 0.00% 100.00%
Ecuador 38.69% 28.75% 32.56% 100.00%
DRC 72.55% 27.45% 0.00% 100.00%
Mongolia 72.73% 27.27% 0.00% 100.00%
Angola 75.00% 25.00% 0.00% 100.00%
Kyrgyzstan 75.00% 25.00% 0.00% 100.00%
Indonesia 76.60% 23.40% 0.00% 100.00%
Guyana 59.82% 21.41% 18.77% 100.00%
Kenya 51.74% 21.30% 26.96% 100.00%
Macedonia 76.44% 21.26% 2.30% 100.00%
El Salvador 72.29% 18.88% 8.84% 100.00%
Haiti 73.35% 18.59% 8.06% 100.00%
Liberia 83.33% 16.67% 0.00% 100.00%
Peru 75.95% 16.05% 8.00% 100.00%
Nicaragua 40.64% 14.49% 44.88% 100.00%
Azerbaijan 86.81% 13.19% 0.00% 100.00%
Guatemala 87.80% 12.20% 0.00% 100.00%
Honduras 50.00% 11.67% 38.33% 100.00%

Gender not
specified
Total
Mozambique 89.84% 9.38% 0.78% 100.00%
Malawi 83.51% 9.28% 7.22% 100.00%
Georgia 87.88% 9.09% 3.03% 100.00%
Tajikistan 91.32% 8.68% 0.00% 100.00%
Moldova 16.95% 8.47% 74.58% 100.00%
Ghana 91.49% 8.43% 0.09% 100.00%
Nigeria 91.03% 7.69% 1.28% 100.00%
Tanzania 92.64% 7.36% 0.00% 100.00%
Burundi 92.86% 7.14% 0.00% 100.00%
Paraguay 93.55% 6.45% 0.00% 100.00%
Ethiopia 69.23% 5.77% 25.00% 100.00%
Albania 74.29% 5.71% 20.00% 100.00%
Senegal 84.57% 5.65% 9.78% 100.00%
Uganda 48.77% 5.58% 45.65% 100.00%
Rwanda 45.00% 5.00% 50.00% 100.00%
Swaziland 75.51% 4.08% 20.41% 100.00%
Zambia 87.78% 3.33% 8.89% 100.00%
Kosovo 37.79% 1.10% 61.10% 100.00%
Armenia 100.00% 0.00% 0.00% 100.00%
Bangladesh 37.50% 0.00% 62.50% 100.00%
Bulgaria 0.00% 0.00% 100.00% 100.00%
Egypt 100.00% 0.00% 0.00% 100.00%
India 100.00% 0.00% 0.00% 100.00%
Jordan 92.31% 0.00% 7.69% 100.00%

Gender not
specified
Total
Mali 0.00% 0.00% 100.00% 100.00%
Philippines 66.67% 0.00% 33.33% 100.00%
South Sudan 100.00% 0.00% 0.00% 100.00%
Sri Lanka 100.00% 0.00% 0.00% 100.00%
Togo 100.00% 0.00% 0.00% 100.00%
West Bank/Gaza 100.00% 0.00% 0.00% 100.00%
Zimbabwe 100.00% 0.00% 0.00% 100.00%
Not reported 86.49% 10.81% 2.70% 100.00%
Grand Total 67.72% 18.10% 14.17% 100.00%

ANNEX 5
Table 18: Portfolio Allocation, by Country and Gender (US$)
Gender not
specified
Country Total
Albania $8,032,804 $226,816 $1,258,824 $9,518,443
Angola $2,149,309 $74,915 — $2,224,225
Armenia $3,000,000 — — $3,000,000
Azerbaijan $3,425,277 $217,500 — $3,642,777
Bangladesh $58,824 — $100,000 $158,824
Bosnia Herzegovina $9,359,378 $814,815 $120,210 $10,294,403
Bulgaria — — $232,739 $232,739
Burundi $1,428,642 $41,667 — $1,470,309
Colombia $16,658,323 $1,450,929 — $18,109,252
DRC $709,800 $116,569 — $826,369
Dominican Republic $7,766,454 $1,307,656 — $9,074,110
Ecuador $4,816,638 $2,774,188 $4,595,676 $12,186,502
Egypt $4,732,691 — — $4,732,691
El Salvador $7,240,120 $2,536,036 $726,214 $10,502,370
Ethiopia $15,703,174 $1,921,108 $2,307,030 $19,931,312
Georgia $15,285,655 $2,211,979 $337,423 $17,835,058
Ghana $5,851,619 $2,244,581 $211,800 $8,308,000
Guatemala $13,445,695 $1,665,271 — $15,110,966
Guyana $1,041,113 $278,211 $428,906 $1,748,231
Haiti $16,903,030 $2,939,251 $1,019,446 $20,861,727
Honduras $230,145 $86,342 $309,815 $626,302
India $13,351,997 — — $13,351,997
Indonesia $37,530,389 $9,221,577 — $46,751,966

Gender not
specified
Country Total
Jamaica $791,097 $606,848 $189,323 $1,587,268
Jordan $2,574,279 –– $136,395 $2,710,675
Kenya $18,193,030 $2,784,916 $3,328,006 $24,305,951
Kosovo $3,455,498 $73,457 $4,282,385 $7,811,340
Kyrgyzstan $51,415 $5,000 — $56,415
Liberia $215,000 $50,000 — $265,000
Macedonia $7,327,913 $427,203 $1,101,137 $8,856,253
Malawi $3,873,370 $158,255 $228,546 $4,260,171
Mali — — $209,790 $209,790
Moldova $198,269 $90,415 $342,806 $631,490
Mongolia $18,906,392 $4,729,302 — $23,635,694
Mozambique $9,987,751 $123,553 $280,000 $10,391,304
Nicaragua $5,222,801 $1,822,734 $3,453,043 $10,498,577
Nigeria $5,419,245 $1,792,288 $60,519 $7,272,052
Paraguay $2,765,465 $78,549 — $2,844,014
Peru $15,277,171 $1,607,747 $1,449,572 $18,334,490
Philippines $2,010,944 — $2,351,898 $4,362,842
Rwanda $9,094,394 $2,469 $1,291,906 $10,388,769
Senegal $23,454,848 $1,923,010 $8,248,460 $33,626,318
South Africa $6,070,263 $1,620,622 — $7,690,885
South Sudan $68,027 — — $68,027
Sri Lanka $5,005,066 — — $5,005,066
Swaziland $4,924,989 $272,916 $1,103,647 $6,301,552
Tajikistan $1,084,008 $79,432 — $1,163,440
Tanzania $34,951,724 $1,332,544 — $36,284,268

Gender not
specified
Country Total
Togo $597,931 — — $597,931
Uganda $3,653,571 $455,940 $2,992,093 $7,101,604
West Bank/Gaza $500,000 — — $500,000
Zambia $10,056,014 $181,529 $822,784 $11,060,327
Zimbabwe $24,416,000 — — $24,416,000
Not reported $18,329,131 $717,827 $1,500,000 $20,546,958
Grand Total $427,196,683 $51,065,964 $45,020,395 $523,283,042

ANNEX 6
Table 19: Portfolio Allocation, by Country and Gender (% of total, US$523.3 million)
Gender not
specified
Total
Indonesia 7.17% 1.76% 0.00% 8.93%
Mongolia 3.61% 0.90% 0.00% 4.52%
Haiti 3.23% 0.56% 0.19% 3.99%
Kenya 3.48% 0.53% 0.64% 4.64%
Ecuador 0.92% 0.53% 0.88% 2.33%
El Salvador 1.38% 0.48% 0.14% 2.01%
Ghana 1.12% 0.43% 0.04% 1.59%
Georgia 2.92% 0.42% 0.06% 3.41%
Senegal 4.48% 0.37% 1.58% 6.43%
Ethiopia 3.00% 0.37% 0.44% 3.81%
Nicaragua 1.00% 0.35% 0.66% 2.01%
Nigeria 1.04% 0.34% 0.01% 1.39%
Guatemala 2.57% 0.32% 0.00% 2.89%
South Africa 1.16% 0.31% 0.00% 1.47%
Peru 2.92% 0.31% 0.28% 3.50%
Colombia 3.18% 0.28% 0.00% 3.46%
Tanzania 6.68% 0.25% 0.00% 6.93%
Jamaica 0.15% 0.12% 0.04% 0.30%
Uganda 0.70% 0.09% 0.57% 1.36%
Macedonia 1.40% 0.08% 0.21% 1.69%
Guyana 0.20% 0.05% 0.08% 0.33%

Gender not
specified
Total
Swaziland 0.94% 0.05% 0.21% 1.20%
Albania 1.54% 0.04% 0.24% 1.82%
Azerbaijan 0.65% 0.04% 0.00% 0.70%
Zambia 1.92% 0.03% 0.16% 2.11%
Malawi 0.74% 0.03% 0.04% 0.81%
Mozambique 1.91% 0.02% 0.05% 1.99%
DRC 0.14% 0.02% 0.00% 0.16%
Moldova 0.04% 0.02% 0.07% 0.12%
Honduras 0.04% 0.02% 0.06% 0.12%
Tajikistan 0.21% 0.02% 0.00% 0.22%
Paraguay 0.53% 0.02% 0.00% 0.54%
Angola 0.41% 0.01% 0.00% 0.43%
Kosovo 0.66% 0.01% 0.82% 1.49%
Liberia 0.04% 0.01% 0.00% 0.05%
Burundi 0.27% 0.01% 0.00% 0.28%
Kyrgyzstan 0.01% 0.00% 0.00% 0.01%
Rwanda 1.74% 0.00% 0.25% 1.99%
Armenia 0.57% 0.00% 0.00% 0.57%
Bangladesh 0.01% 0.00% 0.02% 0.03%
Bulgaria 0.00% 0.00% 0.04% 0.04%
Egypt 0.90% 0.00% 0.00% 0.90%
India 2.55% 0.00% 0.00% 2.55%
Jordan 0.49% 0.00% 0.03% 0.52%
Mali 0.00% 0.00% 0.04% 0.04%
Philippines 0.38% 0.00% 0.45% 0.83%

Gender not
specified
Total
South Sudan 0.01% 0.00% 0.00% 0.01%
Sri Lanka 0.96% 0.00% 0.00% 0.96%
Togo 0.11% 0.00% 0.00% 0.11%
West Bank/Gaza 0.10% 0.00% 0.00% 0.10%
Zimbabwe 4.67% 0.00% 0.00% 4.67%
Not reported 3.50% 0.14% 0.29% 3.93%
Grand Total 81.64% 9.76% 8.60% 100.00%

ANNEX 7
Table 20: Country Portfolio Distribution, by Gender
Gender not
specified
Total
Jamaica 49.84% 38.23% 11.93% 100.00%
Ghana 70.43% 27.02% 2.55% 100.00%
Nigeria 74.52% 24.65% 0.83% 100.00%
El Salvador 68.94% 24.15% 6.91% 100.00%
Ecuador 39.52% 22.76% 37.71% 100.00%
South Africa 78.93% 21.07% 0.00% 100.00%
Mongolia 79.99% 20.01% 0.00% 100.00%
Indonesia 80.28% 19.72% 0.00% 100.00%
Liberia 81.13% 18.87% 0.00% 100.00%
Nicaragua 49.75% 17.36% 32.89% 100.00%
Guyana 59.55% 15.91% 24.53% 100.00%
Moldova 31.40% 14.32% 54.29% 100.00%
DRC 85.89% 14.11% 0.00% 100.00%
Haiti 81.02% 14.09% 4.89% 100.00%
Honduras 36.75% 13.79% 49.47% 100.00%
Georgia 85.71% 12.40% 1.89% 100.00%
Kenya 74.85% 11.46% 13.69% 100.00%
Guatemala 88.98% 11.02% 0.00% 100.00%
Ethiopia 78.79% 9.64% 11.57% 100.00%
Kyrgyzstan 91.14% 8.86% 0.00% 100.00%
Peru 83.32% 8.77% 7.91% 100.00%
Colombia 91.99% 8.01% 0.00% 100.00%

Gender not
specified
Total
Tajikistan 93.17% 6.83% 0.00% 100.00%
Uganda 51.45% 6.42% 42.13% 100.00%
Azerbaijan 94.03% 5.97% 0.00% 100.00%
Senegal 69.75% 5.72% 24.53% 100.00%
Macedonia 82.74% 4.82% 12.43% 100.00%
Swaziland 78.16% 4.33% 17.51% 100.00%
Malawi 90.92% 3.71% 5.36% 100.00%
Tanzania 96.33% 3.67% 0.00% 100.00%
Angola 96.63% 3.37% 0.00% 100.00%
Burundi 97.17% 2.83% 0.00% 100.00%
Paraguay 97.24% 2.76% 0.00% 100.00%
Albania 84.39% 2.38% 13.23% 100.00%
Zambia 90.92% 1.64% 7.44% 100.00%
Mozambique 96.12% 1.19% 2.69% 100.00%
Kosovo 44.24% 0.94% 54.82% 100.00%
Rwanda 87.54% 0.02% 12.44% 100.00%
Armenia 100.00% 0.00% 0.00% 100.00%
Bangladesh 37.04% 0.00% 62.96% 100.00%
Bulgaria 0.00% 0.00% 100.00% 100.00%
Egypt 100.00% 0.00% 0.00% 100.00%
India 100.00% 0.00% 0.00% 100.00%
Jordan 94.97% 0.00% 5.03% 100.00%
Mali 0.00% 0.00% 100.00% 100.00%
Philippines 46.09% 0.00% 53.91% 100.00%

Gender not
specified
Total
South Sudan 100.00% 0.00% 0.00% 100.00%
Sri Lanka 100.00% 0.00% 0.00% 100.00%
Togo 100.00% 0.00% 0.00% 100.00%
West Bank/Gaza 100.00% 0.00% 0.00% 100.00%
Zimbabwe 100.00% 0.00% 0.00% 100.00%
Not reported 89.21% 3.49% 7.30% 100.00%
Grand Total 81.64% 9.76% 8.60% 100.00%

ANNEX 8
Table 21: Number of First-time/Repeat Borrowers, by Country (women-owned SMEs)
Country
Repeat
borrowers
First-time
borrowers
Credit
history not
reported
Country Total
Angola — 2 — 2
Bosnia Herzegovina 1 — — 1
Burundi 1 — — 1
Colombia 111 330 — 441
DRC 10 4 — 14
Ecuador 414 92 — 506
El Salvador 30 17 — 47
Ethiopia 3 3 — 6
Georgia 3 3 — 6
Ghana 69 28 — 97
Guyana 32 3 38 73
Haiti 146 57 — 203
Honduras 5 2 — 7
Indonesia 98 430 — 528
Jamaica 195 12 — 207
Kenya 177 98 — 275
Kosovo 1 7 — 8
Kyrgyzstan — 1 — 1
Liberia 1 — — 1

Country
Repeat
borrowers
First-time
borrowers
Credit
history not
reported
Country Total
Macedonia 40 71 — 111
Malawi 6 3 — 9
Moldova 2 3 — 5
Mongolia 34 23 — 57
Mozambique — 12 — 12
Nicaragua 13 28 — 41
Nigeria 1 8 3 12
Paraguay 5 5 — 10
Peru 218 129 — 347
Rwanda — 1 — 1
Senegal 21 5 — 26
Swaziland — 2 — 2
Tajikistan — 35 — 35
Tanzania 5 12 — 17
Uganda 5 22 59 86
Zambia 2 1 — 3
Not Reported 1 3 — 4
Grand Total 1790 1658 100 3548

ANNEX 9
Table 22: Division of First-Time/Repeat Borrowers, by Country (women-owned SMEs)
Country
Repeat
borrowers
First-time
borrowers
Credit history
not reported
Country Total
Angola 0.00% 100.00% 0.00% 100.00%
Kyrgyzstan 0.00% 100.00% 0.00% 100.00%
Mozambique 0.00% 100.00% 0.00% 100.00%
Rwanda 0.00% 100.00% 0.00% 100.00%
Swaziland 0.00% 100.00% 0.00% 100.00%
Tajikistan 0.00% 100.00% 0.00% 100.00%
Kosovo 12.50% 87.50% 0.00% 100.00%
Indonesia 18.56% 81.44% 0.00% 100.00%
Not reported 25.00% 75.00% 0.00% 100.00%
Colombia 25.17% 74.83% 0.00% 100.00%
Tanzania 29.41% 70.59% 0.00% 100.00%
Nicaragua 31.71% 68.29% 0.00% 100.00%
Nigeria 8.33% 66.67% 25.00% 100.00%
Macedonia 36.04% 63.96% 0.00% 100.00%
South Africa 38.89% 61.11% 0.00% 100.00%
Moldova 40.00% 60.00% 0.00% 100.00%
Albania 50.00% 50.00% 0.00% 100.00%
Ethiopia 50.00% 50.00% 0.00% 100.00%
Georgia 50.00% 50.00% 0.00% 100.00%
Paraguay 50.00% 50.00% 0.00% 100.00%
Azerbaijan 58.33% 41.67% 0.00% 100.00%
Mongolia 59.65% 40.35% 0.00% 100.00%

Country
Repeat
borrowers
First-time
borrowers
Credit history
not reported
Country Total
Peru 62.82% 37.18% 0.00% 100.00%
El Salvador 63.83% 36.17% 0.00% 100.00%
Kenya 64.36% 35.64% 0.00% 100.00%
Malawi 66.67% 33.33% 0.00% 100.00%
Zambia 66.67% 33.33% 0.00% 100.00%
Guatemala 70.97% 29.03% 0.00% 100.00%
Ghana 71.13% 28.87% 0.00% 100.00%
DRC 71.43% 28.57% 0.00% 100.00%
Honduras 71.43% 28.57% 0.00% 100.00%
Haiti 71.92% 28.08% 0.00% 100.00%
Uganda 5.81% 25.58% 68.60% 100.00%
Senegal 80.77% 19.23% 0.00% 100.00%
Ecuador 81.82% 18.18% 0.00% 100.00%
Jamaica 94.20% 5.80% 0.00% 100.00%
Guyana 43.84% 4.11% 52.05% 100.00%
Burundi 100.00% 0.00% 0.00% 100.00%
Liberia 100.00% 0.00% 0.00% 100.00%
Grand Total 50.45% 46.73% 2.82% 100.00%

ANNEX 10
Table 23: Number of First-Time/Repeat Borrowers, by Country (men-owned SMEs)
Country
Repeat
borrowers
First-time
borrowers
Credit
history not
reported
Country Total
Angola 3 3 — 6
Armenia 1 — — 1
Bangladesh 2 1 — 3
Bosnia Herzegovina 15 13 — 28
Burundi 4 9 — 13
Colombia 109 545 — 654
DRC 23 14 — 37
Ecuador 547 134 — 681
Egypt 1 — — 1
El Salvador 148 32 — 180
Ethiopia 34 38 — 72
Georgia 44 14 — 58
Ghana 203 850 — 1053
Guyana 150 29 25 204
Haiti 657 142 2 801
Honduras 14 16 — 30
India — 2 — 2
Indonesia 403 1325 — 1728
Jamaica 83 9 — 92
Jordan 7 5 — 12
Kenya 420 248 — 668
Kosovo 49 225 — 274
Kyrgyzstan 1 2 — 3

Country
Repeat
borrowers
First-time
borrowers
Credit
history not
reported
Country Total
Liberia 2 3 — 5
Macedonia 232 167 — 399
Malawi 49 32 — 81
Moldova 4 6 — 10
Mongolia 100 52 — 152
Mozambique 12 103 — 115
Nicaragua 54 61 — 115
Nigeria 40 26 76 142
Paraguay 95 50 — 145
Peru 903 739 — 1642
Philippines 2 — — 2
Rwanda 4 5 — 9
Senegal 349 39 1 389
South Sudan — 2 — 2
Sri Lanka — 1 — 1
Swaziland 15 22 — 37
Tajikistan 18 350 — 368
Tanzania 118 96 — 214
Togo 1 — — 1
Uganda 9 60 682 751
West Bank/Gaza — 1 — 1
Zambia 72 7 — 79
Zimbabwe 2 7 — 9
Not reported 14 18 — 32
Grand Total 5934 6553 786 13273

ANNEX 11
Table 24: Division of First-Time/Repeat Borrowers, by Country (men-owned SMEs)
Country
Repeat
borrowers
First-time
borrowers
Credit history not
reported
Country Total
India 0.00% 100.00% 0.00% 100.00%
South Sudan 0.00% 100.00% 0.00% 100.00%
Sri Lanka 0.00% 100.00% 0.00% 100.00%
West Bank/Gaza 0.00% 100.00% 0.00% 100.00%
Tajikistan 4.89% 95.11% 0.00% 100.00%
Mozambique 10.43% 89.57% 0.00% 100.00%
Colombia 16.67% 83.33% 0.00% 100.00%
Kosovo 17.88% 82.12% 0.00% 100.00%
Ghana 19.28% 80.72% 0.00% 100.00%
Zimbabwe 22.22% 77.78% 0.00% 100.00%
Indonesia 23.32% 76.68% 0.00% 100.00%
South Africa 27.27% 72.73% 0.00% 100.00%
Burundi 30.77% 69.23% 0.00% 100.00%
Kyrgyzstan 33.33% 66.67% 0.00% 100.00%
Liberia 40.00% 60.00% 0.00% 100.00%
Moldova 40.00% 60.00% 0.00% 100.00%
Swaziland 40.54% 59.46% 0.00% 100.00%
Not reported 43.75% 56.25% 0.00% 100.00%
Rwanda 44.44% 55.56% 0.00% 100.00%
Albania 46.15% 53.85% 0.00% 100.00%
Honduras 46.67% 53.33% 0.00% 100.00%
Nicaragua 46.96% 53.04% 0.00% 100.00%
Ethiopia 47.22% 52.78% 0.00% 100.00%
Angola 50.00% 50.00% 0.00% 100.00%
Peru 54.99% 45.01% 0.00% 100.00%

Country
Repeat
borrowers
First-time
borrowers
Credit history not
reported
Country Total
Tanzania 55.14% 44.86% 0.00% 100.00%
Macedonia 58.15% 41.85% 0.00% 100.00%
Jordan 58.33% 41.67% 0.00% 100.00%
Azerbaijan 59.49% 40.51% 0.00% 100.00%
Malawi 60.49% 39.51% 0.00% 100.00%
DRC 62.16% 37.84% 0.00% 100.00%
Kenya 62.87% 37.13% 0.00% 100.00%
Paraguay 65.52% 34.48% 0.00% 100.00%
Mongolia 65.79% 34.21% 0.00% 100.00%
Bangladesh 66.67% 33.33% 0.00% 100.00%
Georgia 75.86% 24.14% 0.00% 100.00%
Guatemala 77.13% 22.87% 0.00% 100.00%
Ecuador 80.32% 19.68% 0.00% 100.00%
Nigeria 28.17% 18.31% 53.52% 100.00%
El Salvador 82.22% 17.78% 0.00% 100.00%
Haiti 82.02% 17.73% 0.25% 100.00%
Guyana 73.53% 14.22% 12.25% 100.00%
Senegal 89.72% 10.03% 0.26% 100.00%
Jamaica 90.22% 9.78% 0.00% 100.00%
Zambia 91.14% 8.86% 0.00% 100.00%
Uganda 1.20% 7.99% 90.81% 100.00%
Armenia 100.00% 0.00% 0.00% 100.00%
Egypt 100.00% 0.00% 0.00% 100.00%
Philippines 100.00% 0.00% 0.00% 100.00%
Togo 100.00% 0.00% 0.00% 100.00%
Grand Total 44.71% 49.37% 5.92% 100.00%

ANNEX 12
Table 25: Distribution of First-Time Borrowers, by Sector and Gender
Type of SME
Repeat
borrowers
First-time
borrowers
Credit history
not reported
Grand Total
Men-owned SMEs 44.7% 49.4% 5.9% 100.0%
Agriculture 35.3% 56.7% 8.0% 100.0%
Construction 78.6% 21.4% 0.0% 100.0%
Education 54.0% 46.0% 0.0% 100.0%
Energy 60.0% 40.0% 0.0% 100.0%
Forestry/Wood 64.1% 35.9% 0.0% 100.0%
Health 30.1% 16.8% 53.1% 100.0%
Information & Communication Technologies 51.2% 48.8% 0.0% 100.0%
Manufacturing 76.1% 22.5% 1.4% 100.0%
Other Service 48.8% 50.4% 0.7% 100.0%
Tourism 49.4% 50.6% 0.0% 100.0%
Trade/Commerce 61.1% 38.8% 0.0% 100.0%
Transportation 71.8% 28.2% 0.0% 100.0%
Sector not reported 91.0% 9.0% 0.0% 100.0%
Women-owned SMEs 50.5% 46.7% 2.8% 100.0%
Agriculture 31.0% 63.2% 5.8% 100.0%
Construction 80.0% 20.0% 0.0% 100.0%
Education 59.3% 40.7% 0.0% 100.0%
Energy 100.0% 0.0% 0.0% 100.0%
Forestry/Wood 80.0% 10.0% 10.0% 100.0%

Type of SME
Repeat
borrowers
First-time
borrowers
Credit history
not reported
Grand Total
Health 38.1% 47.6% 14.3% 100.0%
Manufacturing 74.9% 22.8% 2.3% 100.0%
Other Service 43.8% 52.2% 4.0% 100.0%
Tourism 41.7% 58.3% 0.0% 100.0%
Trade/Commerce 63.2% 36.8% 0.0% 100.0%
Transportation 61.5% 38.5% 0.0% 100.0%
Gender of ownership not reported 8.0% 0.4% 91.6% 100.0%
Agriculture 3.4% 0.2% 96.4% 100.0%
Construction 65.2% 0.0% 34.8% 100.0%
Education 83.3% 0.0% 16.7% 100.0%
Energy 0.0% 0.0% 100.0% 100.0%
Forestry/Wood 83.3% 16.7% 0.0% 100.0%
Health 0.0% 0.0% 100.0% 100.0%
Manufacturing 1.9% 0.4% 97.7% 100.0%
Other Service 36.4% 18.2% 45.5% 100.0%
Tourism 0.0% 50.0% 50.0% 100.0%
Trade/Commerce 23.5% 0.0% 76.5% 100.0%
Transportation 60.0% 0.0% 40.0% 100.0%
Total 40.5% 41.9% 17.5% 100.0%

Unlocking Growth of Women-Owned SMEs Through Credit Guarantees

Unlocking Growth of Women-Owned SMEs Through Credit Guarantees

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