By Ana Milena Ordosgoitia Mendez | Project leader
Dear Donors,
As we continue to work towards improving quality of life of Colombian vulnerable people, we would like to briefly tell you about the progress of the project Micro - credits for Baru Island young entrepreneurs, you have supported:
1. On January 30, the team visited the credit beneficiaries for the second advisory meeting, which was about fixed, and variable costs.
We recommended all the beneficiaries, to keep accounting records (purchases and sales) and to determine their salaries in order to have a better control of their costs.
2. On February 18, the team visited the credit beneficiaries for the third advisory meeting in order to help them define the contribution margin and the breakeven point of their businesses.
The team gave them a chart to help them determine their products costs.
3. On March 31, the team visited the credits beneficiaries for the fourth advisory meeting and worked with them in the balance sheet of their businesses.
All the beneficiaries have paid on time their monthly fee and their businesses are working well.
They have employed at least one person and their average income is of $300.000 COP.
They all have to keep on putting into practice what they learn at the advisory meetings.
In the coming days we will continue to:
We would like to finish by thanking you again for your generous donations we have continued to receive during this year.
We invite you to continue to work with us in order to achieve our total funding goal of $10,490.
With gratitude,
Ana Milena Ordosgoitia M. and the Hernán Echavarría Olózaga Foundation team
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