Help Vendors Climb Out of Debt in the Philippines

 
$14,930
$70
Raised
Remaining

Summary

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.

Funding Information

Total Funding Received to Date: $14,930

Funding Information

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.

Additional Documentation

This project has provided additional documentation in a Microsoft Word file (projdoc.doc).

Resources

Donation Options

Funded

Combined with other sources of funding, this project raised enough money to fund the outlined activities and is no longer accepting donations.

Still want to help?
Find another project in Philippines or in Microfinance that needs your help.

Organization

Project Leader

Heidi McAnnally-Linz

New Haven, CT United States

Where is this project located?

Map of Help Vendors Climb Out of Debt in the Philippines
Close
Great; we do too!
Enter your email address to receive updates from this project and from GlobalGiving
We respect your privacy.