Small Business Development
Probably the top priority for all the people we work on behalf of is to be self-sufficient, to have an income; in order to have to have more than 1 meal a day, to be able to send their children to school, to be able to take a sick child for medical care or a wife who has complications from childbirth, or to be able to afford the medications. There are some things one can’t measure, the value one feels when he or she becomes self-sufficient, the increased feelings of self-worth, self-esteem, increased status in the community, the increased relief from poverty.
In partnership with Choice Humanitarian WLP’s provides this opportunity for income through education, skills training, and small business development.
Microfinance and small business development can provide that opportunity through: small business loans (microcredit), training in banking and business management, establishment of savings, and a marking outlet for handcrafted items.
- Currently we have 28 families who have received training and loans.
- Repayment rate of loans is over 95%. (Repayment is recirculated to other entrepreneurs.)
- Entrepreneurs are required to maintain savings accounts.
- Interest charged: 2% per month (most entrepreneurs pay their loans off within 6 months)
How we leverage:
- Choice Humanitarian provides oversight and management
- WLP’s provides funding for loans
- WLP’s provides funding for training of entrepreneurs
What we need and costs:
- Funding for loans for entrepreneurs: Cost for 1 loan: $100
- Marketing outlets for handcrafted items: bags, babies moccasins, jewelry
Note: Humble Hilo an on-line marketing site was established by Lauren Foulger to provide both income for projects and outlets for hand crafted items