Your gift to help a hardworking entrepreneur will double in impact thanks to a generous World Vision partner.
Meet Jacqueline, a restaurant owner in Rwanda. Jacqueline Makamusoni became the sole provider for her family after her husband, a soldier, was killed. But life got even worse for the widowed mother of five from Rwanda when she lost her teaching job.
Chhay Mach and her husband, Seng Ny, struggled to make ends meet by raising pigs and selling fruit in their impoverished Cambodian village. But their profits were not enough to feed the six children who shared their crowded, leaf-roofed house, or to pay for school supplies.
In Armenia, poverty has made life a continual struggle. Zarik and her husband had a small store, but every penny they earned went back to support the needs of a growing family.
When thieves stole Noam Tep's fishing nets, they robbed the hardworking Cambodian husband and father of the ability to support his family.
Community Banking is World Vision’s primary lending method that creates an opportunity for the poor to obtain credit. Entrepreneurs form lending groups comprised of 15 to 30 members. A leader is selected but the entire group acts as a guarantor for every member’s loan. These loan-and-savings circles provide an efficient and cost-effective delivery of financial services.
Loan repayment rates in community banks are extremely high. Weekly meetings ensure loans are tracked and repaid. These meetings also serve as training sessions in business management or other topics such as health care, HIV/AIDS education, or improved nutrition.
Ultimately, Community Bank members improve their entrepreneurial skills, incomes, and businesses. Jobs are created for the community such that families and the entire community benefit. With more income, households can more easily afford school fees, provide improved nutrition, and adequate health care. They begin lifting themselves out of poverty meanwhile fueling their community’s economy.
As members repay their loans, they become eligible for larger loans. Eventually, enterprising members with a good repayment record are allowed to form smaller Solidarity Groups and receive more sizable loans.
A solidarity group is a small group of more experienced entrepreneurs, usually 3 to 6 people, who borrow money collectively and then encourage one another to repay. It’s a way to guarantee each other’s loans and it enables a bank to lower their fees since one person manages the funds for the group. Members who make repayments on time become eligible for larger individual loans.
Micro offers a wide variety of small business loans that include agriculture, retail, services, and manufacturing loans. Each of these categories represents a variety of businesses and business needs. From farmers to tailors to hair-dressers, you can choose to support the entrepreneur and business of your choice!