By Sylvie Ebitoh and Marc Serna | Project Coordinators
The loan pilot project of the Keep a Girl Alive program has been very effective and stable. Most of the girls find the loan interesting as some of them find it difficult to expand their businesses due to lack of capital and the fact that they don’t have enough collateral security to take a loan. With the loan, most of the girls have increased their purchasing power and buy now in bulk. Girls dutifully respect the time of repayment for these loans. Except for a 1-week delay of a participant who was taking care of her sick child in a hospital, but she managed to send her payment through Mobile Money.
Loan conditions are very simple. Loans are repaid in 6 months, have a monthly 1.5% interest on the principal and need to be taken in levels.
You can’t take a level 2 loan (maximum 226$) if you have not taken and repaid a level 1 loan (113$ maximum) before. You can only take a level 1 loan if you have been a participant in our poverty graduation program (business grants and training) for a minimum of 5 months and our field workers approve of it.
What follows is a break-down of loans given since January with your support:
January, 6 loans of 113$.
February, 4 loans of 113$.
March, 2 loans of 113$, 2 loans of 189$ and 1 loan of 19$.
April, 2 loans of 226$ and 1 loan of 113$.
What they did with your loan:
Mostly, they expand their businesses, even if it’s only by 19$ like Elekta, who just wanted to buy some firewood in great quantity for her food business. Some, like Urslar, also use it to recover after giving birth and being out of business for a few months.
Thank you very much, we will treat the fund with zeal and make it grow.
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