With an investment of EUR 370,000 local partner KORI will be able to provide small working capital loans to 1640 women from peri-urban areas of the city of Lima (Peru). **please note: this project contains an exchange rate risk EUR/USD**

  • Local partner investment
  • 10 new jobs
  • 1640 people reached



12 months



Annual interest



6 months

Repayment period
Fully funded in 7 days on 29 November 2021.
+ 811 other investors

PLEASE NOTE: this is a project where the EUR proceeds will eventually be transferred as USD to the issuing entity. The issuer’s obligation is to pay back the USD amount plus interest. Their repayments in USD will be converted to EUR, which will be put on your wallet. It means that you run an exchange rate risk on this project. The return may be higher or lower than expected in advance. At the moment the interest rate differential between USD and EUR is such that the interest rate on USD projects is, net of conversion costs, between 0.5-1%point higher. Read here for more information.


About the issuer            

General information:

  • Borrower:                                                       COOPAC KORI
  • Countries of operations:                               Peru
  • Head office:                                                   Calle Alvarez Thomas N° 539, Arequipa
  • Website:                                                
  • Date of incorporation/Founded:                   16 Feb, 2013 
  • # of employees:                                              500+

Project terms

  • Currency:                                                         EUR
  • Amount:                                                           370,000
  • Maturity:                                                          12 months
  • Grace Period:                                                 n.a.                      
  • Interest rate:                                                  5 % p.a.


Information document of the issuer 

Information note of the issuer (for Belgium investors)


COOPAC Kori is a savings and lending cooperative that started operations in Arequipa (Peru) in 2013 and is active in the regions of Lima and Arequipa. Kori offers individual and group loans to the MSME sector, where the group loans (named SUMAQ WARMI) are offered to female entrepreneurs that will have to form a group, where the group acts as a guarantor and the individual loans are offered to MSMEs with a stable business and a financing need to increase their working capital or invest in productive assets. Kori is regulated by the Superintendence in Peru and provides savings and takes deposits. 


We are a formal financial institution, with a focus on financial inclusion, which seeks the progress of people with criteria of efficiency that allows sustainable growth.


To be agents of change to become the national benchmark for financial inclusion.

Use of Proceeds / Loan purpose

The project for the amount of EUR 370,000 will be destined for the placement of credits which I proceed to detail:

  • The financing will be destined to women from peri-urban areas of the city of Lima as working capital.
  • The benefited members belong to the type of microenterprise product of the commerce sector.
  • The total number of benefited members will be 1640 with an average disbursed balance of 1,000 soles (USD 250)
  • The total of groups are approximately 100

More information about #of entrepreneurs reached, sectors, type of loans & impact:

172,545. That's how many women entrepreneurs Lendahand's new portfolio company Kori has supported to grow so far. Cooperative Kori, based in Peru, focuses on the financial growth of people who have their own businesses and offers group loans for women entrepreneurs. 

Sumaq Warmi 

Lendahand is proud to add Kori as an investment opportunity to the platform. Specifically their product Sumaq Warmi, Quechuan (an indiginous language in Peru) for Wonderful Woman, which represents Kori's primary focus. To allow female entrepreneurs to grow their business. Mainly active in the informal labor sector, Peruvian women lack access to the financial system. Kori brings borrowers together by offering group loans and goes the extra mile to motivate them to empower each other by organizing encounters and group activities. Since Covid-19, the women send each other introduction videos and hold online group meetings.

Spurring small businesses

Entrepreneurship offers the surest path to prosperity in many parts of the world, but people living in remote areas - especially women - often lack access to business training. Kori accompanies their borrowers, having a business analyst guiding them to open both a bank and savings account.

According to the Peruvian government, 1.5 million micro and small enterprises throughout the country are led by women. Most of these female entrepreneurs started out of necessity; since their salary is not enough, they are unemployed or decided to look for a new step in their career. Previously, we wrote how the world's GDP would grow if more women participated in the labor force and which barriers they face. These obstacles are no different in Peru. Women are still more likely than men to hold the primary responsibility of unpaid work and caregiving within the home. They spend close to 40 hours per week on unpaid household activities, keeping them from economic advancement. Another barrier they continue to face, which is similar throughout the globe, is the lack of financing options. Through initiatives such as Sumaq Warmi, Kori enables opportunities for women and their families to keep growing.

The next generation

Compared to the 49% global labor force participation rate of women, Peru surpasses that average with 69%. Peruvian women are also intricately linked to our global economy and can break down barriers for women worldwide. By taking a step toward building and growing their businesses - be it formal or informal, small or medium - and getting access to funding, they empower the next generation of women in their country to do the same.

COVID-19 Update

The management team has taken the following measures:

  • Kori had a covid 19 policy and mitigation plan
  • Kori was marked as an essential service, but loan officers initially did not go out to the field, to protect their safety from the high number of CV-19 cases in Peru, which affected both disbursements as well as collections.
  • Disbursements were almost zero but restarted in Oct-2020 and are continuing to pick up
  • Kori showed the ability to efficiently cut admin costs
  • Because of CV-19, Kori has implemented a strong digitalization of its services through the introduction of a new customer app and the strengthening of internal digital infrastructure. While the essential business model has not changed, the operations have been adapted to the new systems. The group loans have seen a significant change as groups are now able to meet online. Even contracts will be signed digitally (through voice recordings), after the regulator allowed for digital signatures.
  • Kori decided to temporarily ask for a higher deposit for group loans to mitigate the credit risk


Management team

Kori has a 9-headed management team, out of which the majority has experience at the main competitor Financiera CREAR, before being taken over by Compartamos in 2011. Javier Valencia (CEO ) has 20+ years’ experience in the Peruvian MFI sector and founded Kori in 2013. Yeffri Mora (Commercial Director) has 13 years’ experience in group credit accumulated at Financiera CREAR between 2007-2012, and Kori since 2013. José Alocilla (CFO) worked for large banks and a textile company, before joining Financiera CREAR in 2007. Moved to Kori in 2019. Fernando Revollar (COO) moved to Kori in 2017 from Financiera CREAR after spending more than 10 years there.


JAVIER ERNESTO VALENCIA NUÑEZ. CEO. Master’s in quality management, specialisation in strategic management of the human factor at the Peruvian University of Applied Sciences and Economics at the Catholic University of Santa María de Arequipa. He also taught at the Peruvian Institute of Business Administration. Currently he is the CEO of the Cooperativa de Ahorro y Crédito (Savings and loans cooperative) Kori, for which he was president of the advisory board. He has over 30 years of work experience in Companies: Finance Crear where he was an executive and CEO for 13 years, ASOMIF, ONG Hábitat, Franky Ricky SA, SOMECSA and Banco Industrial del Perú. 16

JOSÉ ALOCILLA. CFO. MBA at the Pontificia Universidad Católica del Perú, Industrial Engineer at the Universidad Nacional de San Agustín de Arequipa. He has taught maths and statistics at the Instituto del Sur de Arequipa. Currently he is Central administration Manager at the Cooperativa de Ahorro y Crédito Kori and he has more than 35 years of work experience in companies like Compartamos Financiera, Franky Ricky SA and Banco Industrial del Perú.

FERNANDO REVOLLAR. COO. Has a master’s in software engineering from la Universidad Nacional de San Agustín de Arequipa and completed systems engineering at la Universidad Católica de Santa María de Arequipa. Currently he is COO at la Cooperativa de Ahorro y Crédito Kori. In his career of over 13 years, he was Head of IT Development and Architecture and IT Project Coordinator for Compartamos Financiera and senior development analyst for TRANSALTISA S.A.

About the Operating Country

The roots of microfinance in Peru originated in the 1950s, but private-sector microfinance began to experience rapid growth in the 1990s when the industry was bolstered by a new policy framework of economic liberalization. In 2017, the Peruvian MFI industry GLP was USD 12bn, counting 44 regulated MFIs with 4,9m active borrowers (see 2017 global comparison on the right-hand side, source: Mix Market)

Today, Peru is widely considered to have one of the best regulatory and legal environments for microfinance in the world, ranking second overall in the 2019 Microscope (The Economist IU). Much of Peru’s success in microfinance lies in the prudent regulation and strict supervision, balanced with limited government intervention. The Peruvian regulatory body (SBS) does not impose interest rate caps, allows for Foreign Direct Investments and maintains strict credit reporting requirements.

Between 2006 and 2014, the Peruvian MFI market underwent a period of strong consolidation with 11 large M&As led by large commercial banks. Increased competition and consolidation meant that costs to the borrower decreased significantly (from c.50% EAR to c.20%), but also product offering was diversified. The acquisition of Financiera Creditos Arequipa by Banco Compartamos– Mexican MFI, largest in LatAm – in 2011, led to the birth of COOPAC KORI, a young MFI that is specialized in group loans to female entrepreneurs, led by former Financiera Creditos Arequipa managers.


Company nameKori
CEOJavier Ernesto Valencia
SectorWholesale / Retail

Impact of this project

  • With this investment 10 jobs are created
  • With this investment 1640 people are reached

About the investment

TypeLocal partner investment
Funding target$370,000
Annual interest5.00%
Maturity12 months
Repayment periodSemiannually
Terms and conditionsShow
Note termsDownload
Information document issuerDownload

About the risks

What are the risks of investing money?

The risk level depends on the specific project. Local partners cover the risk of currency exchange rates and defaults on Local Partner investments. They do this by maintaining financial reserves for this purpose. Aside from that, there is an option to claim their equity if needed. While these measures are intended to minimize the risk to investors, our local partners face risks of their own that could affect their ability to secure your investment. These include - bankruptcy - currency exchange rates - fraud - operational risks - political and regulatory changes - natural disasters or epidemics.

With direct investments, risks of default are not covered. As the risks are higher, so are the interest rates.

There is also some operational risk at Lendahand. An example might be that Lendahand is unable to find shareholders to finance their activities. In such a case, Lendahand will handle outstanding investments at the best of its ability. At the same time, our ability to legally address non-payment from local partners becomes understandably difficult.

How does Lendahand minimize the risks?

Every local partner must share our social mission to ensure local entrepreneurs can access affordable financing, allowing them to grow their business. Local partners must also have a 'track record'; they must have proven themselves as a reliable credit provider for SMEs.

For instance, this means a solid credit portfolio and enough buffers and equity to compensate for unexpected downturns. We also check the organizational structure of the portfolio company and how robust their (internal) procedures are. Finally, the investments must be in proportion to the total balance of that portfolio company. A healthy balance between effectuating influence and being independent is crucial. If you would like to receive more information on the financial indicators we employ, please contact us via

When currency exchange risks become too high for a local partner, Lendahand will urge the local partner to cover these risks. In some scenarios, the local partner is contractually obliged to comply with these demands.

Lendahand always conducts due diligence when companies request funding. The results can be downloaded on the project detail page. However, this analysis is not investing advice.

Does Lendahand provide a guarantee?

Usually we don't. Local partners take care of the repayment, even if (some) entrepreneurs are unable to do so themselves. If the local partner is for some reason unable to repay then there is a chance of partial or full loss of your money. For this reason, Lendahand only selects financially solid partners based on strict criteria.

For most direct investments, there is no guarantee. However, currency risks are covered.

Sometimes, and only for some direct investments in Africa, our partner Sida, part of the Swedish government, will guarantee a maximum of 50%. Read here more about guarantees with Sida. Projects with Sida guarantees are indicated explicitly on the project page.

Does Lendahand have a license or exemption?

Yes. The Dutch Authority Financial Markets (AFM) has provided Hands-on B.V. (with trade name 'Lendahand') in September 2016 with an investment firm license in accordance with article 2:96 of the Financial Markets Supervision Act (Wft). Placing orders on Lendahand's website is therefore an AFM regulated activity. Lendahand also meets its minimum capital requirements following its license as required by De Nederlandsche Bank (DNB).

Lendahand uses an exemption from an approved prospectus that is available up to EUR 5 Million per year. 

How safe are my personal details?

We adhere to strict safety requirements concerning private and payment details. All sensitive data is sent through an encrypted connection (https). Also, information is stored (encrypted) in a secured facility provided by AWS: the world’s largest hosting service. A secured connection and multi-factor authentication can only retrieve customer documents.

What happens if the local currency devaluates?

Our local partners and companies bear the exchange rate risks. We settle the investments, redemptions, and interest payments in euro.

Does Lendahand use a third foundation fund?

Lendahand works with Intersolve EGI: a Dutch financial institution specializing in payment settlement and electronic money. To be able to offer these financial services, Intersolve EGI must comply with the applicable financial legislation. Intersolve EGI is therefore supervised by De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) and owns a license to act as an Electronic Money Institution (and therefore also has a license as a Payment Institution). Your money will be deposited on a protected and secure bank account until the project you have invested in has been fully funded. Intersolve has no access to these funds. Once the project is fully funded, the money is transferred to the local partner or company in question.

What happens with my money if Lendahand goes bankrupt?

If Hands-On BV (containing the brand name Lendahand) went bankrupt, trades between Lendahand and payment service provider Intersolve EGI would cease immediately. Intersolve will then transfer the funds in your wallet to your bank account (Note: if at this time the project you have invested in has been fully funded and the money has thus been transferred to the local partner, these funds will not be transferred back to your bank account). Intersolve will then, in consultation with a trustee, handle all repayments between the investors and entrepreneurs until the final repayment of the last project has taken place.

Additionally, Lendahand is part of the investor compensation scheme (ICS). This scheme aims to compensate individuals and small businesses with trusted money and or financial instruments (such as notes or options) to a licensed bank, an investment firm, or a financial institution. In case the financial firm is unable to meet its obligations arising from claims related to the investment service (in other words, if Hands-On BV is not keeping track of the acquired notes by investors in the Wge depot correctly). The ICS guarantees an amount of up to €20.000 per individual. For more information, go to

Why is Intersolve EGI handling my money?

As part of the AFM license for investment firms, it is required that operational activities carried out by Lendahand (maintaining the website, contracting of local partners, legal issues, etc.) are strictly separated from financial transactions (payments made through the website). Intersolve takes care of the costs. This collaboration offers you more security since your money is placed on a protected bank account immediately after making your payment.

What happens when a local partner goes bankrupt?

When a local partner goes bankrupt, there’s a chance you’ll lose (part of) your money. Lendahand will try to recover outstanding payments, but the success rate is limited in such situations. For you, as an investor, there’s no possibility of taking action against the financial institution. Therefore, it is recommendable to choose several different projects.

About Kori

Portfolio Overview€16,133,451.65
Leverage ratio10.42%
Write-off ratio last 12 months2.64%
% investment amount in arrears (>90 days)2.62%

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