How much money do they use, who controls their work, and what benefits can the borrower get from them. But first of all, it is necessary to define the term itself.

What is microfinance

Immediately after its appearance, the term “microfinance” indicated lending services that were provided to small and medium-sized businesses. This method was more affordable compared to the procedure that had to be completed in order to get a business loan from a regular bank.

However, over time, this term has lost its original meaning. MFOs still continue to issue business loans, but now private individuals have also become their clients. They are given the opportunity to receive a microloan - this is an instant loan, which does not require a thorough analysis of the financial condition and creditworthiness of the borrower.

MFO - what is it?

Thus, a microfinance organization is a non-banking organization whose activities are aimed at issuing loans to legal entities and individuals. The scheme for issuing these loans is much simpler than at a bank. Like any other organization, MFOs need capital to operate fully. A microfinance organization can attract resources from various sources. First of all, these are high interest rates on loans provided, as well as cooperation with investors. They can be either banking organizations. In the latter case, the MFO is a subsidiary of such a bank.

It is quite easy to recognize MFOs among other financial organizations. They attract attention with their advertising slogans in the spirit of “Money before payday”, “Credit in 15 minutes”, “Fast money”, etc. Their services are distributed in crowded places. Often such organizations have no more than 1-2 employees.

Types of microfinance organizations

Each country defines its own types of MFOs using its legislative framework. It also determines the form of their registration. The main criterion that indicates that this is a microfinance organization is a simplified lending system. Thus, all legally operating non-banking structures that provide lending under such schemes can be divided into the following types:

• Financial group.
• Entrepreneurship Support Fund.
• Credit society.
• Credit agency.
• Credit cooperative.

As already mentioned, many MFOs are subsidiaries of banks. Such activity is quite profitable for the latter. The fact is that the bank has the opportunity to issue loans, the interest rates of which are several times higher than those issued directly by them. Naturally, there is a high risk that such a loan will remain outstanding.

Who controls the work of MFOs

The main body controlling the work of MFOs is the Central Bank of the state in whose territory this organization exists. Licensing of these objects is also carried out by the Central Bank. Microfinance organizations must also be included in the state register. In addition, they can obtain permits from those institutions that supervise the work of other financial organizations.

Federal Law “On Microfinance Organizations”

If we talk about Russia, then this direction in business appeared here not very long ago. Accordingly, the laws that regulate their activities were adopted only a few years ago. At the moment, there are two laws that regulate microfinance:

• Federal Law “On microfinance activities and microfinance organizations” (adopted 07/02/2010).
• Federal Law “On Amendments to Certain Legislative Acts of the Russian Federation in Connection with the Adoption of the Federal Law “On Microfinance Activities and Microfinance Organizations” (adopted 07/05/2010).

In accordance with the above laws, there are some restrictions on the forms and laws of contribution. If we talk about the amount of the loan issued, it should not exceed 1 million rubles. At the same time, it is prohibited to issue a loan in foreign currency, regardless of the amount. In the case of investment, the bank can accept a deposit of at least 1.5 million rubles (from one depositor).

In addition, all microfinance organizations in Russia must guarantee that information about the financial transactions of borrowers will be preserved. This means that when issuing a loan, the MFO does not have the right to require the provision of contact telephone numbers of “friends” to whom you can inform about the late payment under the loan agreement if it is not possible to contact the borrower himself.

Loans

There is an opinion that MFOs are ready to issue a loan to almost anyone who applies for it. But this is a misconception. Before working with a client, any organization must determine the client's creditworthiness. Credit scoring is used for this. It is this system that allows a potential borrower to receive a decision on whether to issue a loan or refuse it within 10-15 minutes. In addition, this service is available even online.

Credit scoring is a system for analyzing the borrower's solvency, which is based on a certain algorithm and is carried out by processing personal data. The result of processing this data is expressed in points. Almost all microfinance organizations use this client solvency scheme. Loans, therefore, are issued not by an MFO employee, but by a computer program, since the decision depends only on the results of its work.

If, according to the results of credit scoring, a potential borrower is solvent, then he can receive a loan almost on the same day. However, the amount for which the loan is issued is often less than what was originally announced. The fact is that with the help of credit scoring you can more realistically assess a client’s solvency than based only on his personal opinion, which is often overestimated.

Interest on the loan is calculated for every day, and not for a month or a year, as is the case in banks. Therefore, in most microfinance organizations loans are issued only for two weeks or a month. Otherwise, the overpayment on the loan may amount to an amount that is two or three times more than what the borrower received.

Investments

It is necessary to talk in more detail about where the MFO gets its capital from. A microfinance organization can cooperate with investors. Since the state does not provide guarantees for deposits in MFOs, investing your money in them is quite dangerous. There is a fairly large risk that the investor will not only not receive interest, but will also lose his deposit. Investments in microfinance organizations have a number of differences from bank deposits:

1. The income that can be obtained from such investments exceeds bank income by 1.5-2 times.
2. Investment risks, accordingly, are also significantly higher.
3. In the case of investing in an MFO, early withdrawal of the deposit is in most cases impossible (an exception is that this possibility is additionally stipulated in the contract). In banks, this right is guaranteed to the depositor by law.
4. An investor who receives income from an MFO must pay income tax to the state. Bank deposits are subject to taxation only in certain cases.

As you can see, the profitability of such an investment is quite high, but the risk is also maximum. In addition, it increases significantly during financial crises, when most borrowers' income levels sharply decrease. If such an organization is declared bankrupt, the investor will not be able to return even his deposit, not to mention the interest, because often a microfinance organization is an institution that does not have its own property that could be sold to pay off debts.

Rating of leading MFOs in Russia

Despite all the risks and high interest rates on loans, every year more and more people turn to microfinance organizations. The list of such companies is growing along with the demand for such services. The most popular are:

1. "Platiza".
2. MoneyMan.
3. "Quick money."
4. "Loan."
5. "MigCredit".
6. "Zemer".
7. VIVA Money.
8. "Money Fanny"
9. "Rusmicrofinance".
10. MFO "Summit".

Microfinance organizations, the list of which is provided above, occupy the first ten leading places in the ranking, which was compiled in accordance with user requests and frequency of mention in the media.

Instead of a conclusion

Considering all the pros and cons of such an organization, we can conclude that loans from such companies are primarily unprofitable for the borrower. A microfinance organization is an institution that was created primarily for the purpose of earning money. Therefore, MFOs may be interesting from an investment point of view.

However, financial illiteracy of the majority of the population and the habit of living on credit contribute to an increase in the number of such organizations in the country. The main thing that attracts people is the ease of obtaining a loan, the absence of the need to provide a package of documents, the speed of receipt, and the ability to take out a loan even for those who have had a damaged credit history.

It is the basis of the economy. In anti-crisis programs most countries increased attention is paid to supporting small businesses, since in a crisis it is this sector that could take on some social functions, for example, creating new jobs, thereby weakening the problem. In addition, small businesses turn out to be stress-resistant and less susceptible to the effects of the crisis.

Small business support

In our country today there is a lot of talk about support. A number of specific steps have also been taken: practical work has begun on the formation of regional and municipal lists of property for lease to small and medium-sized businesses (in 35 regions, the list includes 28.5 thousand objects with a total area of ​​6.6 million sq. m). For small companies, preferential tariffs have been established for technological connection to power grids (a decision has been made on preferential tariffs for consumers with low power, the fixed cost of connection of which is 550 rubles). In many regions of the Russian Federation, work has begun on issuing grants and subsidizing interest rates using regional funds.

Up to 30 billion rubles have been allocated through the Development Bank’s loan program to support small and medium-sized businesses. At the expense of the federal budget - another 10.5 billion rubles.

But government support programs, which are considered the most accessible source of funds, cover only 2% of small entrepreneurs. In pre-crisis times, about 36% of small businesses used loans. Now the situation is much more complicated. As a result, according to in the first half of 2009, 45% fewer enterprises were created than in the same period last year. But the number of business closures, on the contrary, has increased significantly: from 100 thousand a year earlier to 250 thousand in 2009.

Availability of financial resources- the main factor in the survival and development of domestic small businesses.

Microfinance

Microfinance— represents the provision of a wide range of financial services, including loans, deposits, cash settlement services, insurance, microleasing services and other types of services related to the financing of small businesses.

Microfinance services are primarily designed to meet the needs of small businesses that are not able to use the services of banks and others that are not interested in working with small borrowers.

Microfinance has the following features:

• the target audience— small and small entrepreneurs, as well as disadvantaged sections of the population;
• small loan sizes(in different countries, microloans mean loans in the amount of $500 to $10 thousand);
• short loan terms;
• flexible approaches to ensuring loan repayment;
• relatively high interest rates on loans.

Functions of microfinance for small businesses

The functions of microfinance should be considered from two points of view: economic and social, since microfinance, at its core, is a business designed to solve social problems.

Social functions of microfinance:

• poverty reduction tool;
• stimulation of entrepreneurial initiative;
• a mechanism that promotes the decriminalization of business, reducing the informal financial sector and, as a result, increasing the transparency of borrowers’ activities.

Economic functions of microfinance:

• increasing the financial stability of small businesses, expanding the small business sector;
• increasing the range and quality of financial services, general improvement of the financial system in the country;
• formation of a credit history among small borrowers - increasing the likelihood of obtaining loans from banks;

A distinctive feature of microloans are relatively short loan terms and high By . An analysis of microcredit programs shows that the relatively high interest rates on microloans are compensated by one important factor, which to a decisive extent makes microloans attractive for small businesses - simplified procedures for obtaining loans. Firstly, this is manifested in relatively small costs associated with collecting the documents necessary to obtain a loan. Secondly, microfinance organizations have a much more flexible approach to the issue of securing loans compared to banks.

The inaccessibility of bank loans for small businesses, especially at the initial stage of development, makes microfinance virtually one of the only possible sources of credit resources.

Microfinance institutions

In world practice, it is customary to distinguish three groups of microfinance institutions:

• formal institutions;
• semi-formal institutions;
• informal institutions.

Formal institutions- these are financial institutions providing microfinance services, the activities of which are regulated not only by general legislation, but also by special banking regulatory rules, and are under banking supervision (prudential regulation). These include public and private development banks, some non-bank financial institutions, state and municipal funds.

Semi-formal institutions— non-governmental microfinance organizations, credit unions (cooperatives), mutual lending societies. Their activities are not regulated by banking rules, but they are subject to general laws governing the activities of legal entities or special laws.

Informal institutions— those institutions in relation to which neither banking legislation nor general commercial law apply. Their activities are so informal that disputes arising during interaction with them are resolved outside the framework of current legislation. Informal microfinance institutions include − self-help groups, ordinary creditors, lenders, moneylenders, households, friends.

According to the monitoring results of the Russian Microfinance Center, as of January 1, 2009, there were just under 2 thousand actually operating microfinance institutions. They served almost 700 thousand clients. At the same time, about 70% of the microloan market is controlled by 150 largest organizations. All the rest are small.

According to the Russian Microfinance Center, the total need for microcredit services in Russia is 233 billion rubles. ($7.7 billion), and current supply covers only about 15% of these needs.

Microfinance development is slowing down a number of problems, the main one being gaps in legislation and heterogeneity in regulation of the activities of microfinance organizations. Until recently, there was no law regulating the activities of microfinance organizations.

The crisis has pushed us to solve these problems. To establish uniform standards for the activities of credit cooperatives, the Ministry of Economic Development developed a new law “On Credit Cooperation,” which was adopted in August 2009. The adoption of the law “On Microfinance Organizations” is also expected.

At the moment, microbusiness in Russia is in a rather unfavorable situation, since for a bank as a classic lender, a novice entrepreneur is the least interesting as a client. After all, large amounts are associated with its lending. One of the problems is significant territorial imbalances in the development of the financial sector. A developed financial infrastructure is typical only for large cities. In addition, in recent years, as part of the optimization of the branch network, there has been a reduction in Sberbank branches, which in many localities remained the only credit institutions. Sberbank, VTB and Rosselkhozbank (through which the main means of supporting small businesses are provided) have a total of about 22 thousand branches. Meanwhile, the country has more than 140 thousand settlements with a population of 500 or more people.

A way out of this situation could be the development of a microfinance system as a system of fairer access to financial services for those groups of the population and entrepreneurs who currently fall out of the lending system.

The market for financial instruments is currently actively developing. New, previously unseen structures are appearing. Some of the most controversial are microfinance organizations.

general information

Microfinance organizations in the Russian Federation are a novelty of this decade. In general, we can say that they are a product of the third millennium. They were authorized by Federal Law No. 151-FZ of July 2, 2010 “On microfinance activities and microfinance organizations.” What are they?

According to the law, microfinance credit organizations are legal entities that are registered in the form of a foundation, institution, autonomous non-profit organization, partnership, partnership or business entity. The main thing in their work is to obtain a certain status. What does he give?

Possibilities

Proper classification and permission for such activities appears only after the entity is added to the register of microfinance organizations. The resulting status allows you to:

But they can do this only after the relevant information has been added to the register of microfinance organizations.

Restrictions

Now let's talk about what microfinance organizations cannot do:

Control

The Federal Service for Financial Markets monitors compliance with all rules. Therefore, if microfinance organizations commit certain violations, then it is these officials who need to be notified. The Ministry of Finance develops legal regulations. At the moment, there are several hundred microfinance organizations operating. It should be noted that although they perform work similar to banking, they are regulated and operate according to different standards and rules.

Who is addressing them?

Who are the clients of microfinance organizations? These include individuals and legal entities who, due to certain circumstances, were unable to obtain the required amount from banks. The reason for this state of affairs may be a bad credit history, its absence, administrative or other offenses.

It should be noted that the demand for these services, despite not very favorable conditions, is constantly growing. This is largely due to the simplicity and speed of receiving amounts, which is used by many who do not know how to count money before payday. It is also worth noting flexibility regarding clients. Thus, people are often not required to provide income certificates, various documents confirming their solvency and many other documents. For many microfinance organizations, only having a passport is enough. Therefore, more and more people are taking out loans from microfinance organizations. But how justified is this from an economic point of view?

Let's say a word about the financial aspect

It should be noted that the market segment where MFOs operate is considered potentially dangerous in terms of non-repayment of debts. Therefore, a loan from a microfinance organization is accompanied by significant interest. They largely depend on the greed of the owners and their willingness to risk money. Thus, most microfinance organizations operate in the range from 0.5 to 2 percent per day. A deviation from these indicators is also possible, both upward and downward.

But let's assume that the loan is issued at two percent per day. If it is taken due to force majeure for several days, then it can still be survived. But when applying for a loan for a longer period, say for a year, you should take into account that then you will have to pay over 700% for its use! Can you imagine how much this is? Banking institutions never dreamed of such profits. True, one should still take into account the high risks of non-refund of funds in such cases. It should be noted that many microfinance organizations have their own loyalty programs, as a result of which, after long-term use of borrowed funds and positive experience, the rate is reduced. As a rule, the bottom in microfinance institutions is about 0.1-0.3 percent per day. If you take the minimum (0.1%), then you will have to overpay only 36.5% per year, which is not much more than regular bank loans. But how much will you have to pay before that? The amounts are simply fabulous! That's it, after all A loan from a microfinance organization is expensive.

Conclusion

Finally, I would like to talk about such an aspect as debt repayment. Not only do you have to significantly overpay in this case, but there is also a risk of having problems with the negative side of the activities of these structures. So, MFOs have quite a lot of bad loans. Therefore, if the amount is not repaid, they either begin to put pressure on the borrower, or transfer information about him to third companies (collectors).

It should be noted that methods of influence are often on the border of the law, or even even cross it. You can often encounter psychological violence or damage to property. The first, alas, is not considered a crime by modern legislation until it takes on monstrous forms such as incitement to suicide. In any case, it is necessary to pay attention to such inappropriate behavior of regulatory authorities, since there are civilized methods of resolving disputes - in the courts.

The needs of representatives of modern society often require significant expenses and investments. Of course, not every average person has an income level high enough to cover any needs without auxiliary resources. It is in this case that microfinance organizations become relevant. Such companies make easy and fast lending possible.

What is meant by microfinance organizations?

There are many different structures whose purpose is to carry out various financial transactions. Issuing loans or loans is one of the most common activities of such companies. Answering the question “microfinance organizations - what are they?”, it is worth noting the following fact: the activities of such structures are actually completely similar to banking. The difference lies in the regulatory system, operating rules and standards on the basis of which such companies issue funds.

In essence, microfinance is aimed at providing various services that are relevant both for entrepreneurs starting their own business and for average people. The advantage of such companies is that they can issue certain funds without a credit history and many of the conditions that apply to banks. This means that it is much easier to get money from microfinance organizations. It is important to understand the following fact: the activities of such organizations are supported by the state, which has a direct impact on the level of trust in them. Therefore, those who ask themselves questions about whether microfinance organizations are reliable, what they are and whether it is worth using these services can confidently contact such structures, since they are completely legal.

More about reliability

One of the best ways to determine whether a particular microloan company should be trusted is to refer to the rating of organizations in this profile. This can be done by using the services of a rating agency, for example, Expert RA. This information will help you find out which companies are faithfully meeting their current financial obligations.

The value of this assessment lies in the fact that it is independent, and therefore objective and, as a result, reflects the real situation. In this regard, you should not neglect the individual rating of companies operating in the microloan format.

What the general public should know

First of all, every company that falls into the category of microfinance organizations must be entered into the State Register. To find out whether registration took place, it is worth visiting the official website of the Bank of Russia, where this data is freely available. Moreover, it wouldn’t hurt to pay a visit to the office of a specific microfinance organization. This is where the certificate of registration in the State Register should be placed.

Important information about existing responsibilities

In fact, any state microfinance organizations and private companies have certain obligations to clients:

• When issuing loans, each MFO must use one tabular form of the agreement, without changes.
• Any company has an obligation to disclose to its customers the full cost of the loan provided. This means that every citizen has the right to find out what percentage he will have to overpay during the entire loan repayment period. Such information is very useful when choosing a specific offer. Another important fact is that at the time of signing an agreement, say, for a consumer loan, its total cost cannot exceed the average market value calculated by the Bank of Russia by more than a third.
• There are much more reasons to trust a particular microfinance organization if it is a member of one of the following (membership information is usually located on the company’s official website).
• Each MFI must provide its clients with time to make a decision (5 days).

In addition to the question “microfinance organizations - what are they?”, it is useful to understand the essence of a microloan. In fact, the size of which does not exceed 1 million rubles. Legal entities and individuals can receive this amount on loan terms.

Types of microloans

All loans issued by MFOs can be divided into several types. It’s worth starting with a consumer microloan. It is designed to require a certain amount to cover your personal needs. Most loans of this type are issued for a period of up to 6 months, although in some cases installments for 2 years are possible.

Microloans aimed at entrepreneurs are limited to 1 million rubles and are allocated for purposes related to opening, supporting and developing their own business. The loan term in this case ranges from 1 to 3 years. Collateral is almost never provided, but it is necessary to collect a complete list of documents that the MFO requests.

There are also microloans designed for very short periods, and they are issued to individuals. With the help of such loans, issues related to unforeseen costs are resolved or, for example, Such loans are issued very quickly, but at the same time have the highest interest rate.

MFOs in Russia

Nowadays microcredit has become more than popular in the CIS. This is due to such facts as the increasing severity of the conditions under which banks agree to lend, and the significant growth of the shadow sector of the economy. Many borrowers do not consider cooperation with banks relevant and turn to the possibility of microcredit.

If you pay attention to microfinance organizations in Russia and the beginning of their activities, it is worth noting that the MFO Institute was created in 2010. It was this law that allowed borrowers and credit institutions to carry out their activities legally.

The functions of supervision over microfinance organizations are currently carried out by the Central Bank, applying to them only 2 key standards: and the adequacy of their own funds.

Nuances worth knowing about

In order to protect small businesses and the population from dishonest schemes, a law was adopted that somewhat restricts microfinance organizations in their activities: maternity capital can no longer be a means of repaying a loan.

Consumer cooperatives also received temporary restrictions. They can work with maternity capital only if they have been operating for 3 years. Such measures have one simple goal - to minimize the percentage of fraudulent schemes. Many microfinance organizations withdrew maternity capital illegally (951 cases). Such illegal practices should not take place in the financial services market.

Those who predicted that microfinance organizations would be closed will have to come to terms with the opposite fact - such companies will continue to operate.

What else can an MFO offer?

It is important to understand that the activities of microfinance organizations are not limited to providing loans. Quite often, MFOs present ordinary people and entrepreneurs with the opportunity to invest their own funds at certain interest rates. However, it would be incorrect to consider this type of investment as a contribution. The peculiarity of such investments is that they are not insured by the state. That is, clients do not have legal guarantees that their investments will be saved.

To answer questions about whether microfinance organizations are relevant today, what they are and how safe it is to use their services, the following idea can be noted: such companies, being legal, are able to provide fairly convenient lending conditions. Given this advantage, do not forget about checking documents and possible fraud related to maternity capital.

Microfinance organizations and companies are a relatively new phenomenon for the Russian market. They have existed in the West for quite some time. People began to use microloans more and more often. This is due to the fact that banks are more likely to refuse loans due to a large share of debt. A borrower with a bad credit history will definitely be rejected by all banks, but getting a mini-loan will be easier.

Microlenders are more loyal to borrowers and can turn a blind eye to shortcomings in their credit history. Despite the fact that microloan rates are quite high (up to 2% per day), this type of lending is thriving and even has regular customers. The activities of microfinance organizations and companies are also regulated by federal laws (Federal Law No. 151 of July 2, 2010 “On MFOs”) and the Central Bank of the Russian Federation. Officially registered participants in this market are in the register of microfinance organizations.

What is a microfinance company?

This is a type of microfinance organization whose work is regulated by Federal Law No. 151, as well as regulations of the Central Bank. It has the right to attract money from individuals and organizations, as well as engage in microcredit. The State Duma of the Russian Federation introduced amendments to Federal Law No. 407 on December 29, 2015, after which MFOs were divided into microfinance companies (MFC) and microcredit companies (MCC). IFCs have become more serious participants in the financial market than MCCs due to a wider range of functions. At the same time, more stringent rules and requirements apply to IFCs than to MCCs.

MFC capabilities.

• Providing mini-loans in the amount of up to 1 million rubles. for consumer purposes.
• Issue of bonds.
• Providing loans for business purposes up to 3 million rubles.
• Attracting funds from the population from 1.5 million rubles. (such “deposits” are not subject to DIA insurance, so the depositor must independently insure them with an insurance company).
• Request from borrowers documents that will be necessary to consider a loan application.
• Grant or refuse loans with justified reasons.
• Carry out other activities provided for by law.
• Request a credit history from the BKI and transfer data about the borrower back.

What should IFC not do?

• Issue loans in foreign currency.
• Act as a guarantor for the obligations of the founders.
• Make transactions with property that will result in a decrease in the value of the company’s assets by 10% or more.
• Unilaterally change rates under loan agreements, change payment terms, introduce commissions.
• Engage in other trade, production, etc. activities.
• Interest is charged in an amount exceeding the size of the loan itself by 4 times.
• Apply penalties to borrowers who decide to repay the loan early.
• Engage in professional activities in the securities market.

The activities of microfinance companies are monitored by the Central Bank, the Ministry of Finance, and the Federal Financial Markets Service (FSFM). MFCs operate on the basis of Federal Law No. 353 “On Consumer Loans” and Federal Law No. 151 “On MFOs”. These laws regulate the activities of microfinance companies and also regulate the procedure for issuing loans to borrowers. To make sure whether a company operates legally, you can check it in the register of microfinance organizations on the website of the Central Bank of the Russian Federation. If such an organization is not located there, then it is better not to deal with it. You can notify the Central Bank of a violation

Requirements for creating a microfinance company

• The authorized capital must be at least 70 million rubles.
• The company must report annually to the Central Bank on its performance results.
• The IFC must comply with the requirements for capital adequacy, liquidity, the share of risk calculated for the MFO, and a reserve for possible losses on loan repayments.
• Conducting an annual audit.

If all requirements are met, the company is included in the state register of microfinance organizations.

What is the difference between MFO and MFC?

In fact, it's the same thing. When registering a microfinance organization, the combination “microfinance company” and organizational and legal form must appear. MFOs can be found almost everywhere, even where there is no bank. They allow people to borrow money almost instantly, albeit for short periods. For such speed, borrowers overpay huge interest rates. Often, loans taken from microfinance organizations have a negative impact on the borrower’s credit history. This is due to the fact that MFOs can submit data on the loan, but they may be delayed in providing data on its repayment. For late payments, the client is subject to serious fines and penalties. By delaying payments for a couple of weeks, the debt can increase several times. The methods for collecting debts are quite strict. However, if, when “knocking out” a debt, an MFO goes beyond what is permitted, then these actions can be reported to the Association of MFO Participants and the Bank of Russia.

The largest multifunctional complexes in Russia.

The analytical company "Expert RA" identified the largest MFCs based on the results of 2016-17. The list includes companies that provide loans not only to individuals, but also to organizations. In terms of the volume of mini-loans issued, taking into account overdue payments, the first place is confidently taken by MFC OTP-Finance, which in a short time overtook such a well-known organization as Home Money. The success of OTP-Finance depended not only on effective work in the field of microcredit, but also on the rich experience of the OTP group and cooperation with key partners.

№	Name	Portfolio size as of July 1, 2016, million rubles.
1	OTP Finance	10 000,9
2	Home Money	6 802,1
3	MigCredit	2 071,2
4	SMSFinance	1 278,0
5	Quick money	1 173,5
6	VivaMoney	785,1
7	ANO IFC "Rostov Regional Agency for Entrepreneurship Support"	712,6
8	MoneyMan	702?9
9	E Loan	702,3
10	UrgentMoney	579,8
11	MFO Udmurt State Fund for Entrepreneurship Support	579
12	CreditTech Rus	488,7
13	League of Money	480,4
14	MFK MicroCapital Russia	470,4
15	MFO Kirov Regional Fund for Small Business Support	425,7
16	MFO Stavropol Regional Business Support Fund	424,8
17	Ano APMB	397,7
18	Help outMoney	360,7
19	Summit	358,4
20	NGO Lipetsk Regional Entrepreneurship Support Fund	336,3