Microfinance is a type of banking service that is provided to unemployed or low-income individuals, or groups who otherwise have no other access to financial services. Ultimately, the goal of microfinance is to provide a platform for the local community to become self-sufficient by providing a way to save money collectively, borrow money from each other and get insurance.
TUSP Women’s Microfinance
This project was started to enable local community members to lift themselves out of poverty. It was decided to focus these peer-guaranteed loans solely on women, with the idea being to give a voice and empowerment to those who are often marginalised despite being cornerstones of the community and home.
To date we have issued loans to 20 local businesswomen, with a 0% default rate. The program also takes 10% interest on their loans, which is reinvested into loans for future participants, and the women are also required to deposit a certain percentage as savings which can be withdrawn as a lump sum at the end of the loan cycle.
A massive thank you to our volunteers Evelina, Joao, and Kinga whose amazing efforts on this project are so, so appreciated.