FORUS Bank Background

1993-2000. Opportunity International-Russia

The history of FORUS Bank began 13 years ago, in 1993, when Opportunity International, a non-governmental international organization, introduced microfinancing to Russia. This was the first time that microfinancing methods proven in other countries were adopted to the needs of the Russian market.

During 7 years of active operations in Russia, Opportunity International (one of the world largest microfinance organizations, operating in 27 countries and serving over 600 000 clients) established a network of partner agencies, which provided funds to over 4 000 entrepreneurs.

2000-2005. FORA Fund

In 2000 Opportunity International decided to establish a not-for-profit organization and to transfer all the operations associated with entrepreneurship support in Russia to it. This was done to improve the efficiency of operations of the organization and to further develop its programs in our country. As a result, in July 2000 the Fund for Support of Microentrepreneurship “FORA” was established, with its central office in Nizhniy Novgorod, and several hubs in the European part of Russia.

In 5 years FORA turned into the largest non-banking microfinancing organization in Russia, comprising 6 hubs and 31 offices, and serving its clients in 26 regions of Russia. FORA worked with entrepreneurs in Nizhniy Novgorod region, St. Petersburg and Leningrad region, Voronezh, Saratov, Lipetsk, Rostov and other regions.

At different stages of FORA’s activity, it was financially supported by DFID (UK), USAID (US), UNHCR, and TUSRIF (US-Russia Investment Fund). In its operations, FORA focused mainly on private entrepreneurs working in the fields of small wholesale, and retail trade, services, and small manufacture. Since 2000, FORA disbursed over 130 000 loans at the total amount of $ 160 million. About 30 000 workplaces were created, and over 218 000, supported. Due to its lending activities, FORA formed its own capital amounting to $ 11 million.

FORA owes its successes to its highly professional and devoted staff, strong corporate culture, elaborated lending technology, and a combination of the international experience and the good knowledge of the local market.

2005. FORUS Bank

In August 2005, FORA established FORUS Bank. The main reason for it was the changes in the microentrepreneurial market. Over time micro- and small businesses in Russia became more developed, small companies of FORA’s clients were growing, and the needs in financial services grew and changed correspondingly. FORUS Bank was created to respond to those changes and to ensure that small business will in the future have the support that have been provided by Opportunity International and FORA Fund for many years.

Besides credit technologies and a network of offices the bank predecessors passed to it wide experience of working with entrepreneurs. This experience was accumulated by key specialists of the Fund, many of whom started working in the Russian division of Opportunity International over 10 years ago. Now this knowledge and these technologies will continue to work for the benefit of the Bank and its customers.