Economic Growth Kenya Project #59470

Empower Young Entrepreneurs in Kenya

by MKONO MICROFINANCE

Summary

With just $500, we can provide an entrepreneur with a loan that has the potential to be redeployed up to 10 times. It's a small investment that can have a big impact on their business. By generously donating to our cause, you can help us offer affordable loans and mentorship that can accelerate the growth of our entrepreneurs' businesses. Together, we can empower these individuals to achieve their dreams and make a positive impact in their communities.

$15,000
total goal

$2,036
remaining

64
donors

0
monthly donors

3
months

Challenge

Kenyan small and medium enterprise (SME) owners are confronted with a pressing issue: they have inadequate financing options to expand their businesses. The issue is complex, with traditional micro-lending institutions targeting individuals with high-interest loans, and commercial banks unwilling to provide loans without collateral. Sadly, this leaves SME owners caught in the middle, too large for micro-lending platforms and too small for commercial banks.

Solution

Mkono believes in a holistic method of empowering entrepreneurs, which involves pairing cost-effective loans with mentorship from young professionals worldwide. The entrepreneurs are equipped with knowledge on finance, marketing, and business development, enabling them to advance their businesses sustainably. When entrepreneurs repay their loans, Mkono reinvests the funds by issuing new loans to other high-potential business owners, generating a multiplier effect ($1 donated = $10 in loans).

Long-Term Impact

These loans will help entrepreneurs sustainably grow their businesses, create jobs, and generate wealth for their communities to become self-sufficient. By supporting local entrepreneurs, you help communities reduce their dependency on foreign support. Your donation to the business loans help families to put their children through school and support their livelihoods. Mkono means "hand" in Swahili. Let's give a hand to young entrepreneurs in low-income countries. Together.