Microloans to 16 Entrepreneurs in the Philippines

 
$1,060
$0
Raised
Remaining
Aug 21, 2012

Updates from the Philippines

Insuring the future

 To enable clients and their families to prepare for and to mitigate any risk from unexpected illness and natural disasters, Opportunity offers a range of insurance products. All loans come with a life benefit and health and crop insurance protect families from losing progress as they work their way toward financial independence. Opportunity Philippines provides clients with insurance, a safety net so they can cope in times of need and hardship.

 Client training

 To help its clients realize their potential and best provide for their families, Opportunity offers a range of training programs to complement its financial services.

  • Opportunity designed a suite of innovative integrated multimedia-based financial education resources and materials in the second half of 2011. The content is presented in game-show format spanning nine 12-minute long modules covering financial management - including financial discipline, financial product price comparison and decreasing vulnerability to predatory lending practices, savings - including advantages and benefits of saving, keeping money safe and secure and ways to best utilize savings accounts budgeting - including cash flow management, how to navigate through unexpected financial difficulties and understanding income, profit and expenses.
  • In the second half of 2011, 954 ASKI clients participated in training programs through the ASKI Skills and Knowledge Institute. The training programs included Financial Education, Enterprise Skills Development and a range of team building activities.
  • Between July and December 2011, TSKI delivered financial education to over 3,400 clients who attended training sessions aimed at improving their financial literacy, thereby enabling them to make informed financial decisions and plan effectively for their family’s future. An additional 3,500 clients attended a new course that embeds the qualities of a successful entrepreneur along with the steps to establishing a successful business.

Educating children of microfinance clients

Microfinance promotes intergenerational change. As clients increase their incomes, they become economically empowered, enabling them to choose how they spend their income. For the majority of microfinance clients this involves improving the nutrition, health and education of their family.

  • ASKI promotes the importance of education through its Loan for Educational Advancement Program

(LEAP). This loan product is offered to clients who lack the available funds to send their children to school or college. They must be a reliable long-term ASKI client who exhibits the ability to take on additional credit to qualify (client for at least three years with a100% repayment rate). The low-cost loan is currently helping 260 microfinance clients’ children realize their dream to have an education.

Thanks for all your support that makes it possible for life-changing work to continue in the Philippines!

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Funded

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

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Organization

Project Leader

Emily Engel

Oak Brook, IL United States

Where is this project located?

Map of Microloans to 16 Entrepreneurs in the Philippines