TUSP Women’s Microfinance
The TUSP Women’s Microfinance program was established in Spring 2017 with the aim of providing local businesswomen access to financial capital that will allow them to start their own business, or grow existing ones. 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 30 local businesswomen, over 3 x 6 monthly loan cycles, with a 0% default rate. The program also takes 10% interest on their loans, which covers operating costs. The women are also required to deposit a certain percentage as savings which can be withdrawn as a lump sum at the end of the loan cycle.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.
Fundraising Goals for 2019
Microfinance loans to 20 additional women - £2,400
With the Microfinance project proving very successful in its first couple of years, we want to continue to expand our support by offering more opportunities to more businesswomen in the community. At the same time, a key factor in the success to date has been quality control, i.e making sure that there are sound business plans behind the requests for these loans. We will therefore look to add 2 new groups of 10 women to the programme in 2019, to coincide with the further loans issued to the current groups. Additionally, for the women that are coming to the completion of the two year program, we are looking to enrol successfully graduated women on to ‘jumbo loans’ if we are able to secure funding for such.