UPDATE: We've passed our $10K milestone! Thank you for your support. We are continuing to raise funds as we partner with more incubators in Kenya and beyond. Every $500 raised provides another loan to an entrepreneur that can be redeployed ~10 times. With your generous donations, we can provide affordable loans and mentorship to help accelerate the growth of our entrepreneurs' businesses.
Owners of small and medium enterprises (SMEs) in Kenya are faced with limited financing options that are necessary for them to grow their businesses. Specifically, traditional micro-lending institutions typically target individuals and offer high-interest loans while commercial banks are hesitant to issue loans without collateral. In short, SME owners are caught in the middle: too large for micro-lending platforms, and too small for commercial banks.
Mkono takes a holistic approach to empowering entrepreneurs by combining affordable loans with mentorship from young professionals around the globe. Entrepreneurs are trained in topics such as finance, marketing, and business development, which helps them to sustainably grow their business. Each dollar donated is equivalent to ~$10 in loans - as entrepreneurs repay Mkono, we extend new loans to other high-potential business owners to create a multiplier effect.
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.
This project has provided additional documentation in a PDF file (projdoc.pdf).
