Mercy Foundation Funds Microloan
Binti, the Microfinance Loan RecipientThe Mercy Foundation has helped fund a microfinance loan for Binti, an entrepreneur from Kenya. A hardworking woman, Binti is an entrepreneur that lives in Tiribe, Kenya, a small coastal town in this thriving East African country. However, her neighborhood is one of the more poverty-stricken areas, where even the basic needs for electricity and piped water are not being met. She is married and has three school-aged children. Therefore, to help contribute to the household, she has been selling clothing for the past three years. She typically sells her clothing door to door or to anyone who is willing to make a purchase. Since her business is seasonal, there are months that go by where she gets minimal income. Binti recently approached the Yehu Microfinance Trust for a loan of Kshs. 30,000 to help her boost her business. She intends to use the money to buy a bale of kids wear, as this will make it possible for her to get some more income so that she can put money aside to pay school fees for her children. Furthermore, Binti was inspired to ask for a microloan by seeing others in her community who had benefited from the loans.
Yehu Microfinance Trust, the Loan PartnerYehu Microfinance Trust locally administered the loan. They are a non-governmental organization whose main aim is to help low income households in villages and towns in the coastal regions of Kenya to finally achieve financial stability. Consequently, these people are often unable to benefit from funds at more traditional financial institutions. The Mercy Foundation managed to fully fund the loan that Yehu Microfinance Trust awarded Binti through Kiva. Kiva, the Yehu Microfinance Trust, and Mercy Foundation are working together to change people’s lives. Kiva helps to all these organizations together. Yehu Microfinance Trust then distribute the funds to needy individuals on the ground. All these companies share the same goal. They all seek to empower people from lower income households, so that they may be financially independent. Binti can make her dream come true now, and expand her business. IF you want to help an entire community, by funding just one person, why not visit www.kiva.org. There, you will find a long list of entrepreneurs who are in need of funding. Notes
- This article was based on https://www.kiva.org/lend/827065