Just $275 Helps Microloan Recipient
A loan of $375 helped to buy sugar, soap, cassava flour and other general merchandise to sell.The Mercy Foundation provides loan to Gerald, a farmer from Uganda.
Here is Gerald’s StoryWhen you are in Kasese, Uganda you will come across Gerald and his family. This 23-year-old single man has been in the teaching profession for the past two years. He is looking to find ways that he can develop himself. For that reason, he wants to go into business and is looking at selling sugar, soap, cassava flour and other general merchandise to increase his income. He recently approached his local Kiva partner, HOFOKAM, for a loan to help him start his business. Thus, he intends to get the raw materials and stocks that he needs to stock up a basic general store. This way, he will be able to fulfill the dream that he has of developing himself even more.
Microfinance PartnerHis loan was locally administered by HOFOKAM. HOFOKAM is a non-governmental microfinance institution that was founded by the Catholic Diocesess of Hoima, Fort Portal and Kasese in Western Uganda. So, the organization’s main aim is to ensure that the rural low income families have access to financial services that will help them escape the poverty in which they live. Through Kiva’s lending platform and HOFOKAM, the Mercy Foundation made the decision to provide funding in full for Gerald’s loan, helping him fulfill his dream of starting a business. The way the system works is very simple. Kiva helps to bring donors like the Mercy Foundation together, while organizations like HOFOKAM help to identify needy people on the ground and distributes the donated funds to them. Should you would like to change the life of an underprivileged entrepreneur in the same way, you should visit www.kiva.org. The website hosts entrepreneurs who are seeking funds. Notes
- This article is based on https://www.kiva.org/lend/786666