Constanta Foundation – the first microfinance organization in Georgia, was founded in 1997 as a local none commercial entity. It started microcredit operations in October 1997 with the granted funds from Save the Children (SC)/UNHCR. In 1999 Constanta received two-year grant from SC/USAID, developed successful expansion model, set up regional branches and thus became the first microcredit provider in remote areas of the country. In the year 2001 Constanta introduced a novel outreach office methodology that enabled foundation to receive an award from CGAP. In a very short period of time the Foundation managed to set up several service points and thus enlarged its operations extensively. In the same year, besides its standardized group loan product, Constanta brought in additional loan products: an individual, and agricultural loans and loans for small tourism development, enabling those clients who substantially developed their business and maintained good credit ratings to gradate either to advanced group loan product or to move to individual loan.
By the end of 2007 Constanta Foundation was very well developed microfinance organization with well developed regional branch network, highly developed policies and procedures, highly motivated and skillful board, management and staff and regional and international recognition.
Constanta collaborated with MBB and MIX MARKET on a regular basis; Constanta had been a member of several microfinance networks: Save the Children MFI Network since 1997, MFC since 1999 and MICROFINANCE NETWORK (MFN) since 2003;
Since its commencement Constanta has established successful cooperation with numerous donors and financial organizations as follows: SAVE THE CHILDREN; The UN High Commissioner for Refugees (UNHCR); The United States Agency for International Development (USAID); The Consultative Group to Assist the Poor (CGAP); SHOREBANK ADVISORY SERVICES; British Petroleum - BP; CARE; Marcy Corps; Chemonics; EBRD; IFC; Oikocredit; Douche Bank; Symbiotics Group; ResponsAbility; GCMC;Credit Suisse Microfinance Fund; Microvest; Culvert Foundation etc.
At the end of 2007 according to the Georgian Law on Microfinance Organizations Constanta Foundation founded commercial entity “Bank Constanta” and handed over the microfinance operations to it.
Since 2007 till 2011 the Bank Constanta became one of the most healthy and well governed commercial banks with the large regional presence.
In 2011, as a result of violation from government officials side, the shareholders of the Bank Constanta and the majority shareholder Constanta Foundation among them, were obliged to sell their shareholding. In March, 2011 the ownership structure of the Bank Constanta did change and TBC bank became a major shareholder of it.
In 2011-2015 the Bank Constanta continued very successful development and by the year 2015 with its 60 branches it became the largest microfinance provider and one of the largest agricultural financiers in Georgia.
In 2015 the merger of TBC Bank and the Bank Constanta took place.
Since its inception Constanta (Foundation and Bank) served more than 900 000 small entrepreneurs and farmers all over the country, trained and assisted in personal development more than 1900 staff members and 600 village consuls.
After the merger of the Bank Constanta with TBC bank, the key management team of the bank Constanta left the Bank and continued with the Constanta Foundation.
As a result, Constanta Foundation besides its unique history has very strong, highly qualified and well trained Governing Board, key management and staff members.
At present Constanta Foundation is ready to use its organizational experience as well as personal experience of its management and staff members to enhance entrepreneurship and agriculture in the country through supporting small and micro entrepreneurs, farmers and cooperatives by means of training and consulting services. Besides, it develops and assists special projects to support the microfinance sector of the country.See more