Tip:
Highlight text to annotate it
X
The goal for our microfinance program
is to create loans that
1) provide a service to a community
2) create jobs or employment or other things
so that the economy in that community can continue to grow
put money back into these economies that are just now developing
3) so that the loans we put out can be repaid to us with no interest
so that we can continue to create new loans and more loans to expand our bank
In 2009, we made two loans.
One was with a young man named Jefferson,
and one was with a young woman named Marseilla.
Marseilla opened up her business really quickly.
She found the space. She had strong family support.
She received only a thousand dollars
and she was able to get her business up and running.
We received some pictures initially and it looked great.
She was struck with a tragedy; she got sick.
It was an illness serious enough,
that she couldn't keep her business running.
even though her family through the loan
was able to help her maintain the facilities
Because she had a strong support network,
and she got the business started initially,
she paid back her loan very quickly.
Jefferson started a little slower.
His business is still running.
He has what's called a factory
He has what's called a factory
What he really is, is a person
who has a business where he creates doors and windows
for people's homes.
And so he literally makes doors and windows,
and other parts of construction
that people would use for building homes.
And that business is up and running.
And the last we heard,
He had been more than half way through paying back his loan
Right now we're in the process
of trying to expand our bank
to the three locations students go to
We have been trying to reach out
to Bethel, AK, to LA, and to Quito
to make more loans.
Kiva is a non profit organization online
and it's a website that allows
the common person with Internet to loan
to a person in a developing country
and help them start a business
The student team that makes up the Microbank
will choose a person that they want to fund
and whether or not they're a good candidate
and that money will go back to
the Microbank just like any other microfinance loan
And again continue the cycle.
And loan back
As they begin to pay back
those loans,
a new set of loans
can go out to create
more businesses
a next generation of the Microbank
and that's what we're starting to do