25 Jul SEAF Company Turns “One-Time Defaulters into Borrowers” – Bloomberg
In his article “Refinancia Applies Charm to Debt Collection in Latin America”, Antone Gonsalves of Bloomberg.com outlines SEAF’s portfolio company Refinancia’s unique and compassionate approach to debt collection in Latin America that has led the comany to account for 31% of Colombia’s nonperforming loan market and to expand to new countries in the region.
“Since launching Refinancia in Bogota in 2005, Chief Executive Officer Kenneth Mendiwelson has taken an unusual approach to recouping the personal loans his debt-collection business buys from banks: amicable negotiations, rather than harassing phone calls or visits. “We provide a dignified product to someone who has been mistreated by the financial sector,” explains the 39-year-old Harvard Business School graduate, who used a $4 million loan from friends and family to get started. “Someone who falls into default is not a bad person.””
To read more about Refinancia, download the article above or click here to visit Bloomberg.com.