Mercy Foundation Provides Loan
Microfinance Loan Granted to BenardIn the beautiful area of Hoima, Uganda, you will find a farmer and shop owner Benard. He has been dealing with produce for several years, working towards buying and selling beans, maize and groundnuts. This helps him get the most of his income, though he also supplements his income by farming. Thus, he has a dream of doing more with his business through expansion, though he currently lacks the funds to do so. He has taken the time to approach his local Kiva partner, HOFOKAM, for a loan to help in his business. He wants to use the money to purchase more maize and beans. Hence, this will help him sell more and increase his income. And he hopes that by doing so, he will be able to reach more markets.
Loan PartnerHis loan was locally administered by HOFOKAM. HOFOKAM is a non-governmental microfinance institution that was founded by the Catholic Dioceses of Hoima, Fort Portal and Kasese in Western Uganda. It is amongst the oldest and largest microfinance institutions in the country. It has a primary goal to ensure that the rural low income families have access to financial services that will help them escape the poverty that currently surrounds them. Some of the services that they provide include loans for education, housing, and group loans for those that do not have collateral to mortgage. Through Kiva’s lending platform and HOFOKAM, the Mercy Foundation made the decision to provide funding in full for Benard’s $550 loan. This has helped him expand his business beyond his residential area, and reach more communities. With this reach, he can attain more profits. Organizations like Kiva and HOFOKAM are changing the lives of people in Uganda so that they can get away from poverty, The way that these organizations work together is simple. Kiva helps to bring donors like the Mercy Foundation together. Consequently, organizations like HOFOKAM are able to identify and find needy people on the ground and distributes the donated funds to them. By working together, these organizations are able to meet change the communities that they focus on. This will ensure that those who cannot access traditional sources of capital are still able to get financing when needed. Should you make the decision to change the life of an underprivileged entrepreneur in the same way, then visit www.kiva.org. Find thousands of entrepreneurs who are in desperate need of funding. Notes
- This article is based on https://www.kiva.org/lend/813267