$4800 in Loans to Needy
Micro Loan Program
Loans have been given to over 190 needy people, such as:
- Lilian from Kenya to buy cereals to improve her farm and secure the future of her school-going children.
- Giang from Vietnam to purchase school supplies and pay tuition fees for her children.
- Sharifakhon from Tajikistan to pay for her son's tuition at the lyceum.
- Sanjuana from Mexico to pay for her son's eye operation.
How it is done
The loans are organised through KIVA, a not-for-profit organisation involved in arranging microfinancing. KIVA works with microfinancing institutions on five continents to provide small loans to needy people.
100% of each loan is sent to these microfinance institutions, who administer the loans.
The loans are made to people who usually cannot borrow through normal banking sources.
Aim of Micro Loans
Micro Loans give the needy access to capital. This helps create a world where all people - even in the most remote areas of the world - have the power to create opportunity for themselves and others.
Our role
Our role is to assist in providing safe, affordable access to capital to those in need. This helps people like Lilian, Giang, Sharifakhon and Sanjuana to create better lives for themselves and their families.
What we've done
In 2011-2012, the Rotary Club of Bayswater contributed $250.00 towards a microfinancing program. A number of Club members donated further amounts towards the program funds.
As loans are repaid, the funds are recycled into further loans. Recyling is the key to the whole program.
To date, the Bayswater team has loaned $4800.00 through 190 microloans.
