Sunrise, a Microcredit Organization Headquartered in Bosnia, Celebrates Ten Years of Success

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Sunrise has played a vital role in transforming the economy in Bosnia and Herzegovina by offering small loans to help start new businesses and grow existing businesses. Next year, the company will become a stock – share company and will become open to foreign investment.

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Sunrise (http://www.microsunrise.ba/EN/) is proud to celebrate their 10th successful year strengthening the private sector in Bosnia and Herzegovina. The microcredit organization offers small size loans to the economically active, low-income population of Bosnia and Herzegovina in order to help improve their social and economic status and encourage self-employment. Sunrise offers several types of loans ranging from loans for starting new businesses and loans to maintain existing business to agricultural loans and housing loans designed to aid in reconstruction of existing houses or apartments.

Strictly working in the domestic economy, Sunrise has disbursed over 68,000 credits, amounting to over €107,000,000 (USD$140,170,000) and has maintained operational and financial sustainability throughout its development. Borrowers can take out loans in cycles from €250 (USD$327.50) to €15,000 (USD$19,650).

Mirsad Milavic, general manager of Sunrise, stresses the following: “Microcrediting has a positive effect increasing of employment. After first disbursing a loan, there is an immediate positive effect on employment and the level of employment increases with longer use of microcredits. Clients that use microcredits for longer periods of time employ 2,21 employees, including the entrepreneur himself/herself. The level of employment is significantly higher with entrepreneurs using microcredits than with those who do not.”

Sunrise plans to become a microfinance stock-share corporation in 2007 and it will open to foreign equity investments.

Currently, the organization operates in 41 field offices all over Bosnia and Herzegovina. For more information (in English): http://www.microsunrise.ba/EN/

Contact:

Lana Milavic, Contact Representative

Microcredit Organization “Sunrise”

Envera Šehovica 16A

71 000 Sarajevo

+387 33 663 175

E-mail: mlana [at] microsunrise.ba

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