Mercy Foundation Funds Microloan
Microloan Recipient, PaulIn the green rolling hills of Uganda, you will come across a young, motivated man named Paul. He is happily married and raising four children. At 41 years old, he has been able to establish and operate a general merchandise store. Furthermore, by profession he is a teacher, and works full-time as well. The purpose of the business is to ensure that he is able to provide a better education for his children, and so he wants to transform the retail shop into a wholesale store. The only restriction that he has faced is capital to buy more rice, sugar, cassava flour and other general merchandise. Therefore, he made the decision to approach his local Kiva partner, HOFOKAM, to get a microloan that will elevate his business. By increasing the level of stock, he will progress as an entrepreneur and buy what he needs. As someone in a rural area, this gives him the chance to move from a low-income entrepreneur towards a more aspirational mid-income entrepreneur.
The Microloan PartnerHis loan was locally administered by HOFOKAM. It is a non-governmental microfinance institution founded by the Catholic Dioceses of Hoima, Fort Portal and Kasese in Western Uganda. This is a microfinance institution very in touch with the locals. And its primary goal is to help rural farmers and low income entrepreneurs get capital that they need to improve their lives. Hence, their cause is especially essential as many people in these areas live in poverty, and the access to capital can help them escape that. Through Kiva’s lending platform and HOFOKAM, the Mercy Foundation took advantage of the chance to fully fund Paul’s loan so that he could open a wholesale store. It is organizations like Kiva and HOFOKAM that are helping alleviate poverty by providing essential funds. In conclusion, the way that all the organizations work together is simple. On the site, Kiva bring donors like the Mercy Foundation and organizations like HOFOKAM together. As partners, they help to identify needy people on the ground and distributes the donated funds to them. So, to elevate the life of an entrepreneur in need, you should visit www.kiva.org. You will find someone in need who you can help. Notes
- This article is based on https://www.kiva.org/lend/829519