Mercy Foundation Funds Microloan
Six Sheep Purchased with $825 MicroloanA microloan was funded for Burulbubu, a livestock farmer from Kyrgyzstan. Naryn Town in Kyrgyzstan is home to Burulbubu, a livestock farmer who keeps both sheep and cows. At the moment, she has six cows and three sheep. But she is looking for funding to buy six more sheep in order to increase the size of her herd. This is not her first Kiva loan, and her last loan was fully repaid, and the funds used as they were intended. She is very grateful to those that helped her the last time around. She hopes that her previous record will help her get funds that she needs to continue developing her business. She approached Kiva’s local partner, Bai Tushum Bank CJSC, in the hopes that she would receive the $825 needed to buy the sheep.
Microloan PartnerBai Tushum Bank CJSC locally administered the loan. This microfinance bank provides its clients with a wide range of services, including loans for trade, production, business development, consumption, leasing, and even mortgages. Its portfolio is dominated by group loans that cater to a larger population of clients, but despite this, the funds supplied by Kiva members go into developing remote areas like Burulbubu’s village. Upon reading her story, and realizing that she is determined to pay back the loans she receives, the donor made the decision to provide her with the full funding that she needed. This has only been possible through Kiva’s lending platform and Bai Tushum Bank. Organizations like these bring individuals closer to helping give low income earners the chance to finally escape a life of poverty, and they have helped to transform the lives of thousands of people. Kiva sources donors like Mercy Foundation, on their online platform, and the funds received are then disbursed by organizations like Bai Tushum Bank, who pinpoint people on the ground that are in need of the funds. I am glad to report that Burulbubu can now continue to expand her business and provide a better life for herself and her family. If you are interested in making the same type of life altering contribution to a needy entrepreneur, make sure you check out www.kiva.org. The website has a database of thousands of underprivileged entrepreneurs that desperately need funding. Notes
- This article is based on https://www.kiva.org/lend/837757