Self-perpetuating mirofinance initiative issuing collateral-free, interest-bearing loans, for as little as $50, to poor women in rural East Africa to start businesses to support their families
What is the issue, problem, or challenge?
WMI is tackling global poverty and the disenfranchisement of illiterate, impoverished women. Launched in 2008 in rural Buyobo, Uganda, WMI has provided over 1,400 microloans to chronically poor women in Uganda and Kenya, many supporting AIDS orphans. Borrowers start small businesses and use their profits to pay for school fees, food and healthcare. Communities benefit as borrowers hire helpers and advocate for local improvements.
How will this project solve this problem?
WMI will pre-screen, qualify, train and issue loans of $50 - $150 to 500 impoverished women to start businsses. WMI will organize weekly borrower meetings, conduct periodic site visits, and provide ongoing business training and counseling.
Potential Long Term Impact
Empowering women living in desperate poverty in rural East Africa promotes in-country development from the bottom up. Women become involved in grass roots movements and advocate for far-reaching social and economic changes in their own country.
Funding Information
Total Funding Received to Date: $62,535
Remaining Goal to be Funded: $17,465
Total Funding Goal: $80,000
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