Microfinancing

Microfinance is a general term used to describe financial services to low-income individuals or to those who do not have access to typical banking services. Microfinance is also the idea that low-income individuals are capable of lifting themselves out of poverty if given access to financial services.

The main objective of this project is to promote self-employment among the youth and the women. With this project, we plan to provide a startup capital for those who have demonstrated outstanding entrepreneurial talent. The money could be used for any activity that generates income for a household or a group within the community. The activities can include agriculture, livestock rising, fishing, poultry, etc.

Beneficiaries will be selected in collaboration with the community. The fund will be provided in the form of revolving fund where beneficiaries will be allowed to borrow money with little or no interest. Eventually, the money has to be paid back. The money collected will be given to others who have similar talents. The money will continue to circulate within the community helping many get out of poverty. The fund will be co-managed by our association and the community.

At present, because of financial limitations, we haven’t been able to implement any specific Microfinancing related projects. But discussions are underway with members and the local community to prioritize and solicit funds for this project.