For people living in marginalized conditions, cultural constraints and impoverishment make it difficult to improve their living conditions and save money, let alone undertake a business venture. But simply providing a loan without the proper knowledge of basic finances is not sufficient; comprehensive financial and life skills trainings are essential for success. IMIFAP will provide “I want to, I can” trainings for individuals to start community banks and local business ventures.
The project will include: a 40-hour workshop for 50 community leaders to replicate with a total of 1,250 participants (70% women, 30% men); follow-up visits; and loans to 600 participants to form small businesses with IMIFAP coaching and support.
Community banks and microenterprises will increase participants’ household income and improve their children´s development. Financial independence also gives women a bigger say in household decision making, thus increasing community participation.