Warm greetings and thank you very much for your generous support in order for us to assist small, poor entrepreneurs who are almost always, due to lack of capital, borrow from loan sharks and at the mercy of them. We conduct thorough background check and assessment of a potential borrower in order to minimize default to almost zero. Last reporting period we were able to provide 19 loans to 19 borrowers and during this time we are able to add 26 more. Good to note that we got a bonus of 2,000 British Pounds from the Christmas Giving campaign and this provide us with a big boost as we start the new year. We are focusing our support to Subanen Indigenous People living in the mountains of the municipality of Sergio Osmena. We will also expand our work this year with the Higaonon Indigenous People in Misamis Oriental. Both are mostly small-scale farmers and artisans and credit to start or expand farming and small business for them is hard to come by.
Warmest greetings from WAND and thank you very much for your generous donations to jump-start this initiative to assist small business for poor entrepreneurs. Thanks so much too for TCP - Global for providing the initial pump-priming fund. To date we were able to provide support to 19 clients, with loans of 16 of them coming from the initial amount while 3 comes from repayment already. Businesses supported ranges from motor transport, small store, gardening, raising of small animals such as goats and pigs, repair of fishing boat and tool for carpentry.
Repayment is done monthly with 2% interest rate. Repayment so far is 100%.
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