Action


International Partnerships Soroptimists and Microcredit


Joan Jackson, President of the new SI Victoria Westshore (chartered May 15 2010) and Past President of SI Chico (California) 2003/04, reports:


Microcredit is a system through which people without collateral or a financial track record may secure small loans for their use towards their business or (less often) personal lives. Sometimes these loans are just a few US dollars, but these few dollars can make an enormous difference in the lives of the person and her/his family.


tHe FatHer oF microcredit Muhammad Yunus is considered the father of microcredit lending. A former professor of economics and a banker in Bangladesh, he became aware of how a small amount of money could lift individuals out of poverty. He founded the Grameen Bank, a microfinance organisation and community development bank. In 2006, Yunus and the Grameen Bank were awarded the Nobel Peace Prize. Yunus made his first loan


to a group of 42 women in Jobra, totaling US$27. Charging a fair interest rate and requiring them to meet


to provide children a safe and secure future, no family benefits disproportionately. We witnessed communities’ enthusiastic support for this approach, and beneficiaries’ active involvement. Hawa lived in dire conditions


caring for six grandchildren. Project SIerra offered materials to rebuild her derelict mud- brick house; neighbours provided the labour. Seedlings and tools to start farming gave her stability and confidence. “I loved the glance in the eyes of both the children and the grown ups. It was very direct, intense and intelligent. It made me believe in them.” Soroptimists shared Zainab’s delight as she showed us her mobile “market stall” which she carries gracefully on her head from village to village. Project SIerra lifted her from


abject poverty to care for her two girls. Zainab, along with forty two more families in this rural project location will exit the programme in June, after eighteen months of support and preparation. A tailored “exit package” includes extra business capital. Another 29 families will soon graduate, as more enter the programme. “Project SIerra is another example of a successful project that proves to be triumphant because the change comes from the local people. The beneficiaries are merely helped to help themselves.” Almost £600,000 GBP (US$900,000) so far sent to Project SIerra from Soroptimists worldwide is achieving profound results. Thank you! We have another year to go, so I give the final words to Andrea Mills (SI New


regularly for mutual support: the concept of microcredit was established.


Founding Kiva In 2004, Matt Flannery and Jessica Jackley “witnessed the power of microfinance firsthand”. Returning to California they created Kiva. org, “the first person-to- person micro-lending website, empowering individuals to lend to entrepreneurs around the globe.”


Microcredit lending is one more way in which Soroptimist


members can work on behalf of women and girls internationally, while enjoying the


opportunity of making direct choices in the


women and projects in which to invest.


Lenders are able to access the website, select entrepreneurs and arrange to lend funds in a secure online environment. Brief information about the requesting person, the project that is planned and the loan that they require, is given on the Kiva website. Lenders log on, “shop” for a


person requesting a loan, and make a secure payment to the entrepreneur in increments of US$25.


Multiples of people form the online lending group; each person’s money is repaid securely as credit back to the lender’s password- protected site. Since 2004, US$131 billion has been lent by 700,000 lenders around the globe to 333,000 entrepreneurs, and more than 82% of these entrepreneurs are women.


Teams lend as individuals, but have the option to count each loan they make towards the overall impact of one of their teams.


www.kiva.org


York City, UN representative): “We Soroptimists are not done. We still need to raise another £500,000. I cannot stress enough, the importance to raise funds at the local level. Please work hard at this.”


Below: at the Kissy centre, l-r: Kelfa Kargbo (HANCI Programme Director) Suba Parthiban (SIE), Lois Kamara (HANCI Kissy and urban projects director), Siew Yong Ng (SISWP President-Elect) and Robynne Paget (SISWP)


Members of Kiva Lending


TIS June 2010 Page 11


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12