MicroLoan Foundation has been selected as the first UK-based partner of CARE International’s Lendwithcare.org initiative – the scheme that lets individuals in the UK lend small amounts of money to entrepreneurs in poor communities around the world. The link up with MicroLoan Foundation means that for the first time lendwithcare.org lenders can now support individuals and groups in Zambia who are starting or growing their own businesses.
Lendwithcare.org provides a way for those who want to give a ‘hand up rather than a hand out’ to self-starting entrepreneurs in the developing world by lending from as little as £15. The entrepreneur uses the loan to grow their business and support their family, and later pays the lender back. When their loan has been repaid, the lender can withdraw the money and keep it, or re-invest the money in another entrepreneur.
Our CEO and Founder, Peter Ryan, explains “Zambia is our newest area of operation and is a part of the world where the need is great… This partnership with lendwithcare.org is going to help us to help more clients establish sustainable businesses and livelihoods in the region. Already we are seeing substantial interest in the Zambia projects, more than £20,000 has been lent already with 22 entrepreneurs fully funded in the first 21 days of the partnership.”
We currently have 5 branches in Zambia supporting 3,432 women in the Eastern Province of the country, and have very exciting plans to expand in to the Southern Province (Mazabuka) in early 2014. So far, in 2013, our team in Zambia has disbursed over £452k in loan capital, with over 97% of loans being repaid.
Tracey Horner, Head of Lendwithcare.org said: “We are really pleased to be partnering with MicroLoan Foundation to help spread the benefit of microfinance to even more hard-working women entrepreneurs in Zambia. Many Zambian people find it difficult to acquire loans or other basic financial services to fund their businesses. Women are at a greater disadvantage than men because very few own property they could present to banks and financial lending institutions as collateral.
”We recognise that income from a small business can benefit a whole family by helping them buy enough food, send their children to school, have a better home, and save for a healthier future.”