Tweet
I went to a presentation by this charity Friday night and was so impressed that I am sending them a small monthly donation. Right now they have a sponsor that is matching any donations through the end of July.
I had heard about micro loans before but the program is just amazing. Basically they use the funds to setup village banks that make small business loans (like $25) along with the loans they have mandatory business and finance training. This is not a hand out, the money is repaid with reasonable interest to the village bank and loaned out again on average three times a year. The repayment rate on the loans is 97%. Without the village bank the only way they can get money is through a money lender (basically a loan shark) that charges extremely high interest rates and requires them to sell the goods back to him at below market value.
Anyways, I was really excited about this and thought that I would pass it on.
I had heard about micro loans before but the program is just amazing. Basically they use the funds to setup village banks that make small business loans (like $25) along with the loans they have mandatory business and finance training. This is not a hand out, the money is repaid with reasonable interest to the village bank and loaned out again on average three times a year. The repayment rate on the loans is 97%. Without the village bank the only way they can get money is through a money lender (basically a loan shark) that charges extremely high interest rates and requires them to sell the goods back to him at below market value.
Anyways, I was really excited about this and thought that I would pass it on.
Comment