The Office of Development Credit in the Bureau for Economic Growth, Agriculture, and Trade (EGAT/DC) of the United States Agency for International Development (USAID) contracted SEGURA/IP3 to carry out a series of evaluations of partial credit guarantees made under the auspices of its Development Credit Authority (DCA). This report presents findings and conclusions from an evaluation, carried out in March and April of 2009, of DCA guarantees used by the José Maria Covelo Foundation (FJMC) in Honduras. The evaluation sought to answer seven evaluation questions concerning the outputs, outcomes, and impact of the guarantees.