Although we have not updated for a few months, there have been two noteworthy events that have occured in the microloan program. Loans were awarded to 7 women in Ranquite, a very rural village 3 hours distant from CapHaitian. A local priest is collecting the money each month as there is no nearby bank for the women to deposit their payments. This is the first time that any of the villagers have heard of the microfinance concept and so the initial teaching session had to be much more detailed. Check back this fall when we will hear more about the small business opportunites that these women have started.
Group 2 in Limbe (7 women) paid 100% of their initial loan back in 10 months and were awarded a second loan of $225 each. Thus far, we continue to have 100% payback on our loans.
To this point, we have allowed the women to find their own small business ventures and have not been involved with the planning or implementing of the business. We hope to change this slightly starting in the late fall when we teach some of the women how to use solar powered cell phone chargers that they can use to cell charges to their neighbors and friends. More info will be posted on this opportunity in the next few weeks.