Hope Micro Finance
Edward Nsimbi has always been grateful for the help he received in becoming who he is today. So in 2008, Edwards decided he wanted to help others needing capital to start their own business and also to be able to pass on his learning about business.
Just inside the church community he has a monthly meeting called, “Working Class”, which prospective loan recipients must attend. In the class people are taught the principals of business, handling money, paying back debts and other issues. Eventually people are helped in making a proposal to request a loan. There are strict rules on repaying, including a guarantor for every borrower. Interest is charged at 10%. (Banks charge upwards of 30%!)
He has been asked again and again to loan to people in the wider town community and so to facilitate this, Hope for Lugazi donors are helping with renting a shop in town and fitting it out for use. Edwards is now in the process of registering with the government and writing policy documentation in advance of opening this office. When open, people will be able to attend general classes concerning business, and also specific seminars on helpful topics to do with running different types of businesses.
How can you help?
Edward is very careful to whom he loans the capital. However he is expecting a big increase in capital loans once the shop is open. To that end if you would like to donate to the loan pot to enable more people to take the offered loans then please click here.