This project helps pull micro-entrepreneurs out of the cycle of debt. Donations provided help fund financial literacy training, pay off moneylender debts, and offer commitment savings accounts.
What is the issue, problem, or challenge?
Many small vendors in the Philippines borrow at high interest rates from moneylenders in order to operate. Yet too 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.
How will this project solve this problem?
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
Potential Long Term Impact
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.
Total Funding Received to Date: $14,930
This project is now in implementation and no longer available for funding. Received funds will be used to accomplish concrete objectives as indicated in the project's "Activities" section. Updates will be posted under the "Project Report" tab as they become available.
Donors' contributions and pledges to this project totaled $14,930 . The original project funding goal was $15,000.