Pull a micro-entrepreneur out of the cycle of debt. This project provides financial literacy training, pays off moneylender debts, and offers commitment savings accounts.
Many small vendors in the Philippines borrow at high interest rates from moneylenders in order to operate. Yet many of these individuals end up falling into unproductive cycles of debt. Recent survey work shows that there are at least 600 vendors operating in the markets of Cagayan de Oro city paying off high-interest debt -- handing over money that could be better used for child care, food, medicine or education for their children.
Vendors will be provided with a debt pay-off and some may also be selected to receive financial literacy training and encouragement to save money in a bank account
Pulled out of the cycle of debt, vendors will be able to devote resources to productive enterprises. Vendors may be less likely to fall into debt traps in the future.
This project explores why and how microentrepreneurs fall into debt traps--the results would be extremely useful in designing financial products and services that improve their well-being.
- Tomoko Harigaya, IPA Philippines Country Director
Total Funding Received to Date: $12,895
Remaining Goal to be Funded: $2,105
Total Funding Goal: $15,000
This project has provided additional documentation in a Microsoft Word file (projdoc.doc).
New Haven,
CT,
United States
http://www.poverty-action.org
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