COVID-19  Uganda Project #52948

Micro loans for small business recovery-COVID-19

by Mountains of hope childrens ministries
Micro loans for small business recovery-COVID-19
Micro loans for small business recovery-COVID-19
Micro loans for small business recovery-COVID-19
Micro loans for small business recovery-COVID-19

Summary

This project will provide microloans, business training & technical support to 20 struggling Ugandan Rural women groups in Uganda to help them recover losses incurred during covid-19 lock down between March 2020 and July 2021, Mountains of Hope is empowering them with booster grants to help them maintain small businesses and create a better life for their families, but most of them still lack capital to finance the recovery process.

$10,000
total goal
$10,000
remaining
0
donors
0
monthly donors
3
months

Challenge

Uganda's stay at home order and the lock-down to contain the spread of COVID-19 pandemic has left most small businesses struggling yet some have collapsed, most of these small businesses were run by rural women who are now struggling with accumulating bank loans. Over 1000 rural women are now struggling to provide for the families, most of these are widows. Now without assets and referrals plus the bank loans they had acquired, these women cannot obtain credit from banks.

Solution

This project will provide each group with interest-free loans worth $500 as a recovery grant to enable them continue their businesses, most of them will need to start again. It also facilitates quarterly business skills training and support meetings with the beneficiaries. Once loans are repaid, they are recycled to become another loan to another struggling group.

Long-Term Impact

These Women groups will be self-reliant entrepreneurs who will in turn be able to grow their own businesses, provide for the family and send their children to school once schools are reopened. When they return the loan, other women will also be in position to borrow the same and the circle continues. This does not only help them but the entire community to get out of poverty over time as they beat the after effects of COVID-19 pandemic.

Additional Documentation

This project has provided additional documentation in a PDF file (projdoc.pdf).

Resources

Organization Information

Mountains of hope childrens ministries

Location: Mpigi, Uganda - Uganda
Website:
Facebook: Facebook Page
Twitter: @OfMountains?s=08
Project Leader:
James Malinga
Project Director
Mpigi, Uganda
$0 raised of $10,000 goal
 
0 donations
$10,000 to go
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