Topics: Bank, Credit union, Microfinance Pages: 4 (1181 words) Published: August 27, 2013
A Brief History Of Flcu:
The Fountain of Love Credit Union (FLCU) is a symbol of truly challenging microfinance institution in Indonesian history. It was established at the heart of a hostile inter-ethnic society in Pontianak; the provincial capital of West Kalimantan with 35 branches across the province. It invented some unique types of social and economic organizations that not only inspired its unparallel financial performance but also developed intra and inter relationship networks with its conglomerates. Moreover, this vibrancy has made possible for a number of positive, unique and enthusiastic strategic mechanisms they took like selection of locations, leadership, peer selection, financial solidarity etc. and gained competitive advantage over traditional banking system. In recognition of this achievement, the Indonesian government presented the FLCU with the 2005 Award for Small-Medium Corporate Excellence Award. Central to this achievement was A. R. Mercer, a former primary school master inspired those intellectuals and activists led by decades of inter-ethnic hostility to establish the FLCU in 1987. The name symbolized not only the dream of its founders to guide their one of the Kalimantan's two largest ethnic disadvantaged groups; the “Dayak” towards economic self-reliance but also changing their feelings of insecurity through establishing self-pride and social identity, building better conditions for the community as a whole against President Soeharto’s reign. At that period, a sense of grievance evolving around these issues culminated in a series of ethnic violence and crimes. But now, after more than two decades of operations, the FLCU has not only won the trust of most “Dayak” people but also inspires other ethnic groups, local and regional leaders to establish microfinance institutions which were flourishing rapidly. The parent organization of the FLCU was the Fountain of Love Foundation (FLF) and it had set up a variety of social and economic...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Brain Development Essay
  • Character Analysis Essay
  • Facebook Informative essay
  • Essay on My greatest strength

Become a StudyMode Member

Sign Up - It's Free