Abstract This paper analyses a microcredit programme that was developed in a rural area of Venezuela, a standard‐bearer for left‐wing movements in Latin America, after significant initial support from the public sector disappeared. The findings indicate high levels of stability for the microfinance organisations: the number of shares, the volume of savings and the amount of the loans granted had all increased, with low levels of loan default. However, significant organisational deterioration and a reduction in the social and environmental impact in the community were also observed, aspects that point to a need to rethink institutional support in these areas. © 2019 John Wiley & Sons, Ltd.