Help Vendors Climb Out of Debt in the Philippines

by Innovations for Poverty Action

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.
$14,930
total raised
55
donors
0
monthly donors
7
years active

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.

Solution

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

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.

Additional Documentation

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

Resources

http:/​/​www.poverty-action.org
Project Homepage

Organization Information

Innovations for Poverty Action

Location: New Haven, CT - USA
Website: http:/​/​www.poverty-action.org
Innovations for Poverty Action
Project Leader:
Heidi McAnnally-Linz
New Haven, CT United States

Funded Project!

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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