Mercy Foundation Funds Microloan
Microloan Recipient, EgaThe Mercy Foundation funded a microloan to Ega, a food retailer in Kenya. Ega is a married woman with two children, both of whom attend school. She owns a house that has electricity but not piped water. Her greatest monthly expense is food for the family. She has operated a retail business for the past six years, selling household consumables like wheat flour, maize flour, and sugar. Seasonality is a major challenge in her business. Ega decided to join Yehu to access loans to boost her business. With the loan of KES 20,000 she is requesting, she wants to purchase stocks of sugar, rice, maize flour and wheat flour. Ega lives and operates her business in Kenya. In this nation, the average income is only $1,800. This means that microloans, even of just a few hundred dollars can be extremely helpful for entrepreneurs such as Ega. Ega’s ultimate goal is to have her business be complete financially self-sufficient. However, she is not quite there yet. But this microloan can help her get one step closer to reaching her objective. If Ega can reach her goal, then it can benefit her and her family very much.
Microloan PartnerThis loan is administered by Yehu Microfinance Trust, which 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. With the help of Yehu Microfinance Trust, the Mercy Foundation has successfully funded this loan to Ega! This is excellent news for Ega, her family, and all of the customers who purchase products from her. The Mercy Foundation will not receive any interest payments from this microloan. The entire purpose of the loan was to help Ega bring her business to the next level. However, the local field partner may receive interest, as it is essential for the maintenance of its business. Ega’s loan has now been funded. However, there are thousands of underserved entrepreneurs around the world who still need access to capital. If you would like to provide a microloan to an entrepreneur in need, please feel free to visit Kiva.org today. Even small amounts can provide a large amount of help to entrepreneurs in underprivileged nations. Notes This article is based on https://www.kiva.org/lend/839920.