By Ana Milena Ordosgoitia Mendez | Project leader
Dear Donors,
Happy new year! Our best wishes for a very successful 2014!
We would like to start by thanking you again for your generous donations to the project "Micro - credits for Baru Island young entrepreneurs" on 2013, with which you are partering with us to work towards improving quality of life of Colombian vulnerable people. We invite you in this new year to continue to work with us.
The following is a brief summary of the progress of the project, you have supported:
1. After the first 3 meetings we had with young entrepreneurs of the 3 towns located in the Island (Ararca, Santa Ana and Baru), we had to do another one with more young people living in Santa Ana, interested in the project, as they asked us for.
2. After the deadline, 52 young entrepreneurs interested in the project, returned the completed forms, and provided the documents they were asked for.
Of those 52 people, 12 had between 18 and 25 years old and 8 out of the 12 mentioned before, had a positive report in the risk management centers.
3. The 8 young entrepreneurs preselected (3 from Santa Ana and 5 from Barú), were trained in preparing their businesss plans.
4. On November 16 the team visited the candidates´s homes and businesses to verify the information provided.
5. On December 12, the first credit committee was held, in which 4 credits were approved:
Beneficiary´s Age Business Credit (COP) Term Monthly fee (COP)
23 Seafood sales $ 2.500.000 24 $ 126.265
22 Fish sales and water sports $ 1.800.000 24 $ 90.911
22 Fast food sales $ 1.000.000 18 $ 64.379
19 Liquor and soft drink sales $ 2.000.000 24 $ 101.012
6. On December 13, the selected beneficiaries recieved the money of the credits approved and signed a commitment letter, in which they commited to observe the project´s rules.
7. On December 19, the team visited the credit beneficiaries to verify they had invested the money according to what they stablished in their businesses plans and in the credit committee, finding out that they all invested it properly: They invested in a freezer, in fish and seefood, in a surfboard, in a fast food cart and in working capital, among others.
In the coming days we will continue to:
We will continue to post regular reports to keep you informed on the project progress.
With gratitude,
Ana Milena Ordosgoitia M. and the Hernán Echavarría Olózaga Foundation team
Links:
Project reports on GlobalGiving are posted directly to globalgiving.org by Project Leaders as they are completed, generally every 3-4 months. To protect the integrity of these documents, GlobalGiving does not alter them; therefore you may find some language or formatting issues.
If you donate to this project or have donated to this project, you can receive an email when this project posts a report. You can also subscribe for reports without donating.
