MayaWorks is very proud of its loan recipients who make every effort to pay their microcredit loans on time!
This past month seven loan recipients finished paying off their income generating projects. Most of these loans were used to plant crops which yielded a very nice profit this year. Also, last month, MayaWorks awarded six new loans totaling just over $3,000. These loans will be used mainly for textile projects. Women will purchase thread and other equipment to make huipiles for sale to women in their communities. Huipiles are the beautifully woven shirts that indiginous women wear everyday.
Microcredit is one of the most effective tools to combat poverty in developing countries. It is especially effective in empowering women who often lack the employment history required by traditional lenders. Microcredit programs require much oversite, however. It is important to communicate regularly with loan recipients as well as provide ongoing training and development to ensure successful returns on investment.
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