U City Microcredit Club

The UCity micro-credit club met virtually on July 15 and made 9 loans, totaling $700, as follows:

Marta Alicia, age 55, is a single mother and lives in her own home in El Salvador with her family.  She has been selling cashew nuts at different markets near her home for 16 years.  She is borrowing $500 to buy cashew nuts in bulk.  More than 20%of children below 5 years old in El Salvador come from families where single mothers are the sole source of income.  Since it is almost impossible for single mothers to borrow money from traditional sources, this loan is filling a great need.  It will help Marta increase her income and reach her goals.  She will repay in 12 months, beginning in September.  We loaned $100.

Celia is 53 years old and is the owner of a small store and snack bar in Asuncion, Paraguay.  She has many customers because she is located close to many workers.She has been in the business for more than 20 years and is borrowing $1,000 to renovate her kitchen and buy tables and chairs.  She will repay the loan over 12 months beginning in October..  We loaned $100.

Asssiya is 54 years old and lives in Hatizabad, Pakistan.Her village is surrounded by green fields and is an excellent agricultural area.  She owns a buffalo and sells her milk in the community .  However, her milk production is below average because cannot afford to buy nutritious , dry, green fodder for feed.  She is borrowing $350 to purchase the recommended food for her buffalo.  She will repay the loan in 12 months,  beginning with a double payment in September.  We some risk in this loan and loaned only $50.

Haym is a 26 year old opthalmologist who lives in Vanadzor town, Armenia.  He is listed as a service provider and currently provides any service relates to glasses.  He is borrowing $1700 to purchase optometry examination equipment in order to be able to provide high quality service.  He lives with his parents and sister and is the sole provider for their support.  He also cares for his 74 year old grandparents..  Haym will repay the loan over 24 months, beginning in September.  We loaned $75.

The Pada Welhoore Group is three women who live in Ougadougou Kilwa, Burkina Faso.  This is the groups second loan, with the first loan paid back on schedule. Assaiatov is the leader of the group and will use her portion of the $1,025 loan to buy tofu, two bottles of oil, a cartload of wood, skewers and a bag of sugar to make tofu skewers and juice to sell.  The group will repay the loan in 6 payments, beginning in September.  We loaned $50.

The Kajwenge Group consists of 32 men and women who live in Kasese, in the southwest corner of Uganda.  Mariam is the leader of the group.  She has an agricultural produce business and she also farms.  She is doing well enough that she is able to save some money.  However, she faces the challenge of fluctuatiing prices and tries to beat that problem by selling a variety of products that she purchases to resell - maize, beans, and g nuts.  The group is borrowing $4,425 and will repay the loan in 6 monthly installments, beginning in September.  We loaned $100.

The Tiessini Group is a group of 16 women who live in the Sourou River valley of Mali.
Juliette, a member of the group, is married , 42 years old, with 4 children.  For the last 25 years, she has purchased sheep in the neighborhood markets, raised them and sold them in the larger markets.  Her average profit is 25,000 FCFA (about $35).  She will use her portion of the $2,375 group loan to buy more sheep and animal food.  She can then feed them better and make a larger profit of $25,000 FCFA ($42).  The group will pay the loan back in one payment in April 2017.  We loaned $100.

The Waqayhuillqui Group is 12 individuals who live in the Cusco area of Peru. Pauline is one of he group members. She is a 49 year old widow with three children and works very hard.  She has been growing vegetables since was very young and sells them to some vegetable stands in the market.    She works every day and knows the business well.  She will use her portion of the $4800 to buy seeds and fertilizer.  The loan will pay back in 6 months, starting in September.  We loaned $100.  

Distey Phorey is a 25 year old bachelor and the sole income producer for his household of his mother and three siblings.  He lives in one of the most vulnerable areas of Port-Au-prince, Haiti and is a community leader.  He realized that extreme p0verty and deforestation had the greatest impact on his community and, after talking to many people, he found that 90% use charcoal as their primary cooking fuel.  That high usage isa contributor to the deforestation issue and causes many people to spend much of their income on charcoal.  He has launched an energy project named "Consume Less for Less".  He purchases high efficiency stoves from D& E green Enterprises.  These stoves create more heat for a longer period of time, thereby requiring less charcoal.  He is borrowing $1,000 to purchase more stoves to sell.  He will pay the loan back in two payments of $500 in October and $500 in November.  While we find this idea to be a potential solution to a huge problem, it is still in its early stages and we see much risk.  We loaned $25.

If you are interested in joining this small but impactful mission, please contact Rich Wymore.