Mercy Foundation Funds Microloan
The Mercy Foundation Funds Microloan to Dorothy, a Retail Store Owner in Kenya.Dorothy is married with two children. She lives at a rental house that has electricity and piped water. She sells household consumables like wheat flour, maize flour, and sugar. However, she faces a major challenge of transportation in her business. With the loan she requested she wants to purchase stock of sugar, rice, maize flour and wheat flour. She decided to join Yehu to access loans to boost her business. In Kenya, where Dorothy lives and operates her business, the average annual income is only $1,800. This means that a small microloan, even of just $200 can go a long way there. In fact, $200 represents one ninth of the total annual income for many people in the nation. The Mercy Foundation does not charge any interest for microloans that it gives to entrepreneurs in underserved nations such as Dorothy. Instead, it gives these loans specifically as a humanitarian offering. The entrepreneurs may have to pay interest to the local field partner. However, they just have to repay the loan amount to the Mercy Foundation. This is because the Mercy Foundation’s goal for these loans is to help people, not to make a profit.
Mercy Foundation Funds Microloan with Yehu Microfinance TrustThe field partner for this microloan is Yehu Microfinance Trust. Yehu Microfinance Trust was founded in 1998 as a project of CHOICE Humanitarian Kenya. In July 2007, Yehu became a separate entity from CHOICE and was registered as a trust. Since then, Yehu has expanded to cover over half of Kenya’s 13 coastal districts. The Mercy Foundation has successfully funded this loan to Dorothy! It was able to do this with the help of Yehu. Now Dorothy can purchase the inventory that she needs to keep her retail shop operating at full tilt. This will help Dorothy on her quest to become a completely self-sufficient store owner and to have a business that covers all of her financial needs. However, many other entrepreneurs in underserved nations desperately need access to capital. If you or someone you know would like to fund microloans to underprivileged entrepreneurs, please feel free to go to Kiva.org today! Thank you! Notes 1. The information for this article is based on https://www.kiva.org/lend/984168.