Global Giving Report for 2010
Micro Finance Loans for Women: $2240
Money Received from Global Giving:
Bill Sansone the director and founder of Global Reach International has returned from Nepal in February from a three week tour. On this trip, we met with the women groups who are looking for small business loans. We have set up a separate account and will start supplying loans to women in need. While we were in Nepal we explained the process on how the loans work. We meet with the group of women and heard their concerns and needs. Global Reach will be working with the Rotary Club of Katmandu and Lee Lee Village VDC, an NGO in Nepal to distribute the loans. Loans are currently being released. Loans that were excepted include:
Women Clothing (sewing, repair) (5)
Tea Operations (selling tea in village area) (3)
Flower Planting (selling flowers in the market) (1)
(1) NUMBER OF WOMEN INVOLVED
The key to a successful loan program is understanding on how the loans work. The women who joined me in Nepal all had the same questions. How much the interest will be, and how long do they have to pay it back? Since these loans are donations we have decided to loan out the money at no interest. Depending on the size of the loan, the amount owed each month will vary. Our largest loan amount will be $300. Some of our lower amounts are $50 - $100. The loans are paid back monthly through a separate bank account that Global Reach International has opened. For example, a loan of $50 will require a 300 Rupees per month pay back. This 300 rupees that is returned to the bank is then loaned out to another women. We picked this particular group of women because of their track record. They have a 98% return rate.
There are over 500 women in this particular group. Since we don’t have funding to support every women, we need to be selective. We choose this particular women group because of their affiliation with the Rotary Club of Katmandu. This group has a board of directors that everyone answers to. These board of director are responsible for dispersing the funds to the loans we have choose.
We do not penalize people for not paying back loans. If a loan is not paid back, then that particular person will not be able to participate in our microfinance program again. Global Reach International has staff in Nepal working with the women to make sure they get the right guidance on their small business ventures.
Bill Sansone will be returning to Nepal on October 3 - 25 to check on the status of all loans distributed.
An American volunteer will be going out to Nepal in May to start the process of distribution of money and loan selection.