Hey guys! I just wanted to let you know how much good you're doing in the world with a little here and there. I have personally seen and talked to the people who receive loans like the ones you've been sponsoring and I thought it might be nice to let you know how they feel about it.
These statements and their associated data was collected on site through interviews and through office records of six microfinance organizations in Musoma, Tanzania. They are Kiva, PRIDE, FINCA, MWID, Sido, and the Microfinance Division of Tanzanian National CRDB Bank.
Just to note about the remarks and information I post here, I am a student of economics focusing on microfinance implementation and I was not on a mission of relief per say. We did do some building and fund raising, but it was a for-college-credit study abroad to collect data on microfinance for research purposes.
- 98% of loans are repaid, and each repayment builds on the next so that more people have credit to borrow.
- Loans to businesses scale between $250-$2000 USD, providing for all aspects of business creation and management.
- Loans also go out to entire villages, creating a SACCO or a village bank. These enable water projects, village development, and borrowing opportunities when otherwise the village would have no access to credit. These loans to start village banks (VB) are comparable to business loans, but generally only have 1/5 of its participants borrowing rather than saving within the VB.
- Lending does not merely come with money. Education through the lending body is mandated and savings plans are implemented with every loan so that each loan can succeed.
- Microfinance institutions are always operating at capacity. Each one is held accountable by their international donors like you, but start up costs and support of sustainable practices can make it so MFIs we support become permanent fixtures.
Every person I talked to was incredibly grateful for the opportunities that they had. In one of the poorest nations on the planet people were exactly the same as back home in Chicago. One guy specifically would probably interest you the most, because he was a videographer for a mission group to get more people to the country.
Two years ago "Mama Regina" got a $350USD loan to start a business, and she went to the loan office 3 days a week to plan out what she would buy and sell. She learned about how loans worked, learned the math skills to run the business, and learned how to read and write to keep track of everything. This was a giant step for an older woman because she hadn't gone to school before this. Her grain business became successful, and she sent her son Novatus to school.
Novatus learned about computers and art and loved what technology could do for people. His mother continued to support him for college education and she had moved on to be a member of a major bank. She donates to MWID herself now.
Novatus eventually saved up $500 and then got a loan from a MFI to start his business making movies for people. He bought a used digital camera and built his own computer out of parts he bought in Dar Es Salaam. It's a Core 2 Wolfdale now! He now lives in the city of Musoma and works mostly for the Catholic church, making videos of services and mission trips. He loves technology just as much as we do, and it was all possible because of a loan like OverclockersCare.
No one from the village Novatus' mother was from had ever gone to college. She moved to the city, and then her son did and works making movies!
So... Thank You. Microfinance works, and know that you're making an AMAZING difference in the world.
If you have any questions about anything feel free to ask.
These statements and their associated data was collected on site through interviews and through office records of six microfinance organizations in Musoma, Tanzania. They are Kiva, PRIDE, FINCA, MWID, Sido, and the Microfinance Division of Tanzanian National CRDB Bank.
Just to note about the remarks and information I post here, I am a student of economics focusing on microfinance implementation and I was not on a mission of relief per say. We did do some building and fund raising, but it was a for-college-credit study abroad to collect data on microfinance for research purposes.
- 98% of loans are repaid, and each repayment builds on the next so that more people have credit to borrow.
- Loans to businesses scale between $250-$2000 USD, providing for all aspects of business creation and management.
- Loans also go out to entire villages, creating a SACCO or a village bank. These enable water projects, village development, and borrowing opportunities when otherwise the village would have no access to credit. These loans to start village banks (VB) are comparable to business loans, but generally only have 1/5 of its participants borrowing rather than saving within the VB.
- Lending does not merely come with money. Education through the lending body is mandated and savings plans are implemented with every loan so that each loan can succeed.
- Microfinance institutions are always operating at capacity. Each one is held accountable by their international donors like you, but start up costs and support of sustainable practices can make it so MFIs we support become permanent fixtures.
Every person I talked to was incredibly grateful for the opportunities that they had. In one of the poorest nations on the planet people were exactly the same as back home in Chicago. One guy specifically would probably interest you the most, because he was a videographer for a mission group to get more people to the country.
Two years ago "Mama Regina" got a $350USD loan to start a business, and she went to the loan office 3 days a week to plan out what she would buy and sell. She learned about how loans worked, learned the math skills to run the business, and learned how to read and write to keep track of everything. This was a giant step for an older woman because she hadn't gone to school before this. Her grain business became successful, and she sent her son Novatus to school.
Novatus learned about computers and art and loved what technology could do for people. His mother continued to support him for college education and she had moved on to be a member of a major bank. She donates to MWID herself now.
Novatus eventually saved up $500 and then got a loan from a MFI to start his business making movies for people. He bought a used digital camera and built his own computer out of parts he bought in Dar Es Salaam. It's a Core 2 Wolfdale now! He now lives in the city of Musoma and works mostly for the Catholic church, making videos of services and mission trips. He loves technology just as much as we do, and it was all possible because of a loan like OverclockersCare.
No one from the village Novatus' mother was from had ever gone to college. She moved to the city, and then her son did and works making movies!
So... Thank You. Microfinance works, and know that you're making an AMAZING difference in the world.
If you have any questions about anything feel free to ask.
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