Microcredit Foundation “Sunrise” Sarajevo was founded as a non-governmental, humanitarian organization “Sunrise”, by the company Deputy ltd., on the 20th of November, 1996. At the beginning of 1997 or more precisely on 14th April, 1997, LIP I (Local Initiatives Project I) has joined the project of the World Bank, what marked the beginning of work of the microcredit market in Bosnia and Herzegovina. Development and growth of this market continues to this day. The purpose of LIP I project was to promote economic opportunities for war-affected population and low-income citizens of BiH. The objectives of the LIP I Project were the following: to facilitate access to loans for entrepreneurs of low-income population; encourage the development of independent, financially sustainable microfinance institutions and create the appropriate legal and legislative framework for the disbursement of loans and other financial services to entrepreneurs with low income. On May 4th, 1997 the first 52 loans were approved in the total amount of 250,000 KM. In 1998, the first field office, outside of Sarajevo, was opened.
A non-governmental humanitarian organization “Sunrise” was registered on 14th of December, 2000 in accordance with the Law on Microcredit Organizations of Federation of Bosnia and Herzegovina, as a Microcredit Organization “Sunrise” in the Ministry of Social Policy, Displaced Persons and Refugees. By fulfilling all requirements defined by the Project LIP I, Microcredit Organization “Sunrise” took participation in the Project LIP II (2004). The objectives of the LIP II Project were: financing the growth and institutional development of highly effective microfinance institutions that have the capacity to provide services to a significant number of clients with low income for those who don’t have or have limited access to funds of commercial banks and to support the transition of microfinance sector towards sustainable sources of financing.
Microcredit Organization “Sunrise”, Sarajevo is the recipient of the Award for transparency in operations by CGAP for three years in a row 2004, 2005 and 2006. In 2007, the Forbes Magazine listed Microcredit organization “Sunrise” among the 50 most successful microfinance organizations in the world. In 2008, MCF Sunrise was awarded as the most desirable employer in the microcredit sector by the Web portal www.posao.ba.
In accordance with the Law on Microcredit Organizations (October 2006), Microcredit Foundation “Sunrise”, Sarajevo was granted a permission to work by the Banking Agency of the Federation of BiH (August 2007). Microcredit Foundation “Sunrise” Sarajevo, as the legal successor of Microcredit organization “Sunrise”, Sarajevo was registered with the Registry of Microcredit Foundations at the Ministry of Justice of Federation of BiH.