Imagine not having access to a bank to develop your business, this is the daily reality for more than 380 million adults in Africa, which are in need of funding to grow their business. This revolving fund is established with the target of funding micro- and small business entrepreneurs in Kenya using MYC4.com as a funding vehicle.
What is the issue, problem, or challenge?
For more than 380 million adults in Africa, not having access to a bank, is the daily reality. We want to focus on the practical and financial implications this can have when trying to build a sustainable society and equip people to be able to stand on their own feet. Despite the fact that Africa is one of the world's fastest growing economies, their banking system is not geared for micro- and small businesses needs.
How will this project solve this problem?
To help solve the problem this project will establish a never-ending revolving fund with the target of funding micro- and small business entrepreneurs in Kenya who want to grow their business. The funds will be disbursed to entrepreneurs listed on www.myc4.com from all sectors and gender.
Potential Long Term Impact
The long time object is job creation and sustainable growth in Africa from the Base of the Pyramid. Because the $4,000 is given as loans they will continue to create growth to small business entrepreneurs as they are paid back. MYC4 estimates that each given loan of $1,000 has a positive impact on 18.9 people.
This project has been retired and is no longer accepting donations.