Support LACE's self-organized loan scheme

6 Months ago the Ladies Association for Christian Education (LACE), this group of 15 women fighting poverty together, started their loan scheme. They contributed what they could, each according to their possibilities, and put together 125 dollars (our initial report said 300, it was a mistake), they split the sum in two loans. Myrcella and Marvelous, the two women benefitting from it, have now paid back.

Also 6 Months ago we began our efforts to support them in globalgiving, we wanted to multiply their capital per 10, give them the resources they need for higher goals and make a significant and definitive leap out of poverty. But we failed, and we could only attract two wonderful donors. This report is for them to know more about the people they have supported, the totality of their donation will increase the funds for loans and thanks to that this time 4 women, not only 2, will be supported.

Myrcella was one of the recipients. She is managing a humble shop with basic utilities; the loan meant a significant increase on her capital that allowed her to double her daily savings rate. (She saves this money with the Cameroonian practice of Akao, every day each business owner of the neighborhood gives out a small fixed sum of money, the totality of it goes to one different business owner every day, she was in the 500 francs group, she puts now 1000). With time she spotted a different opportunity and was able to do something about it. She realized that tomatoes in the fertile Buea were much cheaper than in the highly populated Douala, economic capital of Cameroon. She bought as many baskets as she could and went to sell to the city, for a substantial profit. “If I had more I would have bought more” she is constantly in the look of new opportunities, and this month she is going to ask again for the loan. As women struggle to make their month end, diversifying is the norm in the group, as in Cameroon “Who is only doing one business in this country?” She asks. Myrcella is mother of 6 children who was not even doing business before joining the group. She depended on an inconsistent husband “The group has changed my life, before I was there just like that”. You supported the right people.

Esebe will also ask for a loan. This young woman will see her capital doubled and her profits grow substantially from day 1. She is new in the town and joined the meeting a few months ago, attracted by the idea of a space were women encourage each other to succeed on their business. She is cooking and selling food on a street post and plans to one day open a restaurant.

The other two have decided to team up, Grace and Joan are teachers but their salary does not allow them to make month end, they complement that business with Fulery (local juice). They were both doing the business separately, but they knew they could do more together, cutting costs and joining efforts. The group provided a space to find trusted partners and now they are directing a smooth operation that even employs a local girl. “So far so good. When a problem arises we look for a way to circumvent it”. The group provides a nice umbrella to create trust and the effects are visible: Dorothy and Caroline, two other group members are also starting a joint business, a poultry farm. (They are not asking for a loan because their financial situation is better and they are aiming for bigger sized loans).

Your 55 dollars is exactly what will make the difference between leaving out one of these women or supporting all of them, because of your donation next month all four are taking up loans, and in 6 months someone else will take it. This is how real development looks like, a small step at a time. You made their initiative stronger and soon more women will be joining to share business advice and benefit of the loans, on our part, we will not stop trying, we will continue writing about them, and we hope you will always have in mind that someone in Cameroon is improving her life thanks to you.

Thank you again.

Remember to stay connected to us, you can check out our other projects:

The Keep a Girl Alive project is empowering vulnerable girls and women to take on their lives and become independent and safe through entrepreneurship.Within this project we will continue assisting LACE, you can follow our reports every few months. https://www.globalgiving.org/projects/make-an-impact-girls-education-cameroon/

We are also supporting another group, the Progressive Friends, who are victims of Gender Based Violence teaming together to protect each other and grow. https://www.globalgiving.org/microprojects/fight-gender-violence-with-the-progressive-friends

Also, follow us on facebook ! www.facebook.com/reachoutcameroon

THANK YOU!