{"id":24149,"date":"2025-09-22T13:39:52","date_gmt":"2025-09-22T11:39:52","guid":{"rendered":"https:\/\/altermodus.me\/about-us\/"},"modified":"2026-02-27T13:24:21","modified_gmt":"2026-02-27T12:24:21","slug":"about-us","status":"publish","type":"page","link":"https:\/\/altermodus.me\/en\/about-us\/","title":{"rendered":"About us"},"content":{"rendered":"\t\t
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ABOUT US<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Get to know us<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Alter Modus<\/strong> is a leading micro-credit financial institution in Montenegro established in 1997 with clear mission to support development of micro and small businesses. For nearly three decades of operating, we have built reputation of a company that sets and improves standards of micro-financing on the domestic market.<\/p>\n

Our clients are entrepreneurs, micro and small enterprises, natural persons who generate or plan to generate income from business activity, as well as employed persons and pensioners that need simple financial solutions.<\/p>\n

Development of Alter Modus is based on partnership relation with employees and clients, with vision to be the first choice of micro and small businesses for financing their needs. Due to long-standing experience, expertise and presence in local communities, we are recognized as stable and responsible partner.<\/p>\n

The head office is in Podgorica, while the business activity is performed through network of 18 branch offices located in South, Centre and North. We provide services in quick, simple and flexible way, which is one of key reasons because of which we hold approximately 70% of market share in micro-credit sector.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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General data<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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MFI Alter Modus LLC Podgorica<\/p>\n

Vu\u010dedolska 15, 81 000 Podgorica<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Alter Modus over the time<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Move the bottom bar to the left to read the complete history.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Alter Modus was established as a non-governmental organization (association of citizens).<\/p><\/div>\t<\/div>\n\t\t\t

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1999<\/div>\t<\/div>\n\n
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Micro-crediting became the sole business activity of NGO Alter Modus.<\/p><\/div>\t<\/div>\n\t\t\t

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2003<\/div>\t<\/div>\n\n
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Pursuant to the new Law on non-governmental organizations (Official Gazette of Montenegro No. 11\/07) and to the Law on banks (Official Gazette of Montenegro No. 17\/08), NGOs could no longer perform micro-crediting activity in Montenegro.<\/p><\/div>\t<\/div>\n\t\t\t

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Alter Modus LLC established governing bodies adhering to the best international practices and recommendations for corporate governance.<\/p><\/div>\t<\/div>\n\t\t\t

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1997<\/div>\t<\/div>\n\n
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NGO Alter Modus started off with implementation of micro-credit program, supported by United Nation High Commissioner for Refugees (UNHCR) and Danish Refugee Council (DRC).<\/p><\/div>\t<\/div>\n\t\t\t

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2002<\/div>\t<\/div>\n\n
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Central Bank of Montenegro adopted Decision on minimum standards for risk management in MFI and officially became regulatory authority that controls legal entities preforming micro-crediting activities. NGO Alter Modus got license for work by Central Bank of Montenegro May 19, 2003.<\/p><\/div>\t<\/div>\n\t\t\t

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2007<\/div>\t<\/div>\n\n
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NGO Alter Modus established a company MFI Alter Modus LLC to which it transferred all the business activities, while its equity has invested in paid up capital of the Company.<\/p><\/div>\t<\/div>\n\t\t\t

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2015<\/div>\t<\/div>\n\n
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Patellar Fund from the Netherlands became Alter Modus' co-owner with 9.9% of share in equity. Majority ownership (90.1%) belongs to NGO Alter Modus.<\/p><\/div>\t<\/div>\n\t\t\t

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Vision<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Vision of Alter Modus<\/strong>\u00a0is to be the first choice of micro and small businesses in Montenegro for financing their needs.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Mission<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Mission of Alter Modus<\/strong>\u00a0is providing financial support that helps Montenegrin micro and small enterprises to prosper sustainably.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Values<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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People first<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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People are our priority. We listen with attention, adapt with understanding, and always give our best in relationships with our clients and our team.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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We build trust through open communication and genuine respect for every person and community we serve.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Entrepreneurship<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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We are one step ahead of change and turn challenges into sustainable solutions leveraging our collective experience to continually improve products, processes and services.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Organization<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Majority owner of Alter Modus is\u00a0NGO Alter Modus<\/strong>\u00a0from Montenegro with share of\u00a090.1%<\/strong>, while co-owner is\u00a0Patellar<\/strong>\u00a0Fund from the Netherlands with equity share of\u00a09.9%<\/strong>.<\/p>\n

Governing bodies in are\u00a0General Assembly, the Board of Directors\u00a0<\/strong>and\u00a0Chief Executive Officer<\/strong>.<\/p>\n<\/div>\n<\/section>\n

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STATUT<\/span><\/a><\/strong><\/p>\n<\/div>\n<\/section>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Board of Directors<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Luka \u0110urovi\u0107<\/strong>, Chair of the Board of Directors<\/p>\n

Andrija Lompar<\/strong>, Member of the Board of Directors<\/p>\n

Pieter Kooi<\/strong>, Member of the Board of Directors<\/p>\n

Mark Willem Semeijns De Vries Van Doesburgh<\/strong>, Member of the Board of Directors<\/p>\n

D\u017eelila Huremovi\u0107<\/strong>, Member of the Board of Directors<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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AUDIT COMMITTEE<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Milo\u0161 \u0110uri\u0161i\u0107, <\/strong>Chair of the Audit Committee<\/span><\/p>\n

D\u017eelila Huremovi\u0107<\/strong>,\u00a0Member of the Audit Committee<\/span><\/p>\n

Andrija Lompar<\/strong>,\u00a0Member of the Audit Committee<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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CHIEF EXECUTIVE OFFICER AND CHIEF OFFICERS<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Chief Executive Officer<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Chief Business Development Officer<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Chief Human Resources and Communications Officer<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Chief Operations Officer<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Chief Administrative Officer<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Chief Risks Officer<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Chief Finance Officer<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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ORGANIZATIONAL STRUCTURE<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Organizational structure of Alter Modus consists of independent functions and sectors that include key fields of business: operations, risks, support, business development, human resources and communications and finance.<\/strong><\/p>\n

Each sector manages its processes through appropriate department and units covering wide range of activities from sale network, marketing, management of credit and non-credit risks, project management, development of products and IT development, up to development of staff and communication, legal and compliance affairs, IT support, property management, accounting and controlling.<\/p>\n

ORGANOGRAM<\/span><\/strong><\/a><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Creditor and Partners<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Triple Jump<\/strong><\/a> is a Dutch representative of major European funds financing projects in developing countries on all continents. Triple Jump manages funds with total value of EUR 775,000,000, placed in over 150 financial institutions worldwide. One of them is Alter Modus, while NOVIB (one of the funds) was our first creditor in 2001.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t

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EBRD\u00a0<\/strong><\/a>\u2013 the European Bank for Reconstruction and Development (EBRD) set a precedent in its operations in 2004 by granting for the first time a loan of EUR 1 million to a non-governmental organisation dealing in micro-crediting. Since then, Alter Modus and EBRD have advanced their cooperation through long-term credit arrangements.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t

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EFSE<\/strong><\/a> \u2013 European Fund for Southeast Europe (EFSE), active in 16 countries with fund over EUR 900,000,000, since its establishing in 2005, it has recognized Alter Modus as partner institution with which it has ongoing cooperation through credit arrangements. Apart from that, EFSE contributes to institutional development of Alter Modus through technical assistance programmes, not only in development of functions significant for business, but also through programmes of trainings, contributing to development of human resources.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t

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ResponsAbility<\/strong><\/a> \u2013 is a representative in field of investments of private and public funds seated in Switzerland, which is focused in investments in liabilities and equity of legal entities in developing countries which implements inclusive business models. ResponsAbility manages funds worth more than USD 3 billion while the funds are placed in more than 90 countries worldwide. Cooperation with Alter Modus started in 2015 and is developed through new projects.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t

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BiB<\/strong><\/a> \u2013 Bank im Bistum Esen is a German bank with total assets of almost EUR 5 billion. Through specialized programmes, it strongly supports development of micro-crediting in more than 60 countries worldwide.\u00a0 BiB and Alter Modus have been cooperating intensively since 2015.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t

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GGF<\/strong><\/a> \u2013 Through credit arrangement with Green for Growth Fund in 2016, Alter Modus started financing energy efficiency projects. Introducing this novelty in Alter Modus\u2019 offer significantly contributed to improvement of internal knowledge as well as informing the general public and clients of implementation of energy efficiency measures. This way, improvement of living conditions and energy saving was additionally encouraged.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t

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Frankfurt School Financial Services (FSFS)<\/strong><\/p>\n

is a renowned investment company supervised by German Financial Supervisory Authority, specialized in investing in developing markets. As a representative of European funds, including GLS Alternative Investments \u2013 Mikrofinanzfonds, FSFS is focused on investments which reduce poverty, promote economic growths and contribute to environmental protection. Collaboration with Alter Modus began in 2016 through the first credit line.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t

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Council of Europe Development Bank (CEB) <\/strong>is a multilateral development institution with clearly defined social mandate. Its activities cover key sectors of public importance \u2013 health and social protection, education and professional training, administrative and judicial infrastructure, environmental protection, as well as financing micro, small and medium-sized enterprises (SMEs) and microfinance. The cooperation between CEB and Alter Modus was established in 2025 through credit arrangement dedicated to improvement of financing micro, small and medium enterprises which additionally strengthens support to sustainable development in Montenegro.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t

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Crnogorska komercijalna banka (CKB) <\/strong>is one of the first Alter Modus\u2019 local partners. Focus of this collaboration is on credit lines and payment transactions services which supports business actovootes nad needs of Alter Modus\u2019 clients.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t

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NLB Banka<\/strong>, as a part of NLB group, is an important Alter Modus\u2019 partner with which the cooperation has lasted since establishing. Collaboration is focused on providing wide range of services and support, which contributes to development of the company and satisfaction of Alter Modus\u2019 clients.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t

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Hipotekarna banka<\/strong>\u00a0is a long-standing Alter Modus\u2019 partner with wide range of services such as guarantees, revolving lines and card operations. Also, it ensures on-going support to clients in terms of payment transactions, which makes the bank a significant partner in accomplishing Alter Modus\u2019 goals.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t

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Financial reports<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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