Micro-Finance Loan Projects
In early 2012 we started a small micro-finance loan project after some friends gave a generous gift to get this started. Last month, we did a year-end review of the project. We’re thrilled to share that in the last 12 months, 108 women and men have a received small loan to start or grow their existing businesses!! So far, all 108 individuals who received loans are people who are known by the micro-finance committee from different churches within town.
As to be expected there’s been a learning curve in the process. We’ve learned that loans cannot be distributed during the months of June, September and December because of Malagasy Independence Day, the start of school with the accompanying school fees and Christmas. We’ve learned that women have a better track record at consistently returning the loan over men. We’ve learned that a little can go a really long way in extending a hand-up rather than a hand-out. How much exactly is “a little”? $95.
Stay tuned this week and in the future as we highlight some of these small businesses and the people who are benefiting from these micro-loans.