July Microcredit Club Update

The U-City Microcredit Club held a virtual meetingon June 26 at 7p.m.  We made 7 loans in 7 countries, totaling $550, as follows:

Wilber Erneste is 34 years old and lives in Masaya, Nicaragua.  He is in a relationship and has two children, ages 7 and 11.  He has been buying and selling harvests for 11 years.  He is borrowing $525 to buy tamarinds and mangoes.  The loan will be paid back in 10 months, beginning in September.  This is Wilber's third loan.  We loaned $100.

The Perseveranca IV Group is 4 ladies who live in Diademy, Brazil. They are borrowing $5400 as a group to be paid back in 8 months beginning in August.  Talita is the leader of the group.  She is married, has two children, and has worked as a hairdresser for 4 years.  She sees her clients at her home.  She is using her portion of the loan to by creams, shampoos and chemical hair products.  This is the group's second loan.  We loaned $50.

Itega Twetungure Group is 7 members who live in Ishaka, Uganda.  They are borrowing 8,700,000 shillings ($2,830) to be paid back in 7 months beginning inAugust.  This is their 4th loan. David, a member of the group, is 39 years of age, married with 3 children.  He is a merchant dealing in agricultural products.  His portion of the loan will be used to purchase coffee and matooke to sell or trade. We loaned $100.

The San Rafael group is 16 women who live in Ciudad del Este, Paraguay.  They are borrowing $3,250 which they will pay back in 5 months, beginning in August.  One of the members is Martha.  She provides manicure services.  She has an established clientele that always come to her.  She will use her portion of the loan to purchase nail polish, files, clippers, and other supplies.  We loaned $100.

Amina is married and the mother of 5 children in Bafut, Cameroon.  She buys fish in the market in Bamandi, smokes them, and sells them locally.  There is an ever increasing demand for smoked fish in her village.  She is borrowing $275 to be paid back over 9 months, beginning in August.  Amina helps her community because people don't need to travel as far to get smoked fish, and eating fish will increase their protein intake.  We loaned $75.

The Maya group consists of 9 ladies from Quetzaltenango, Guatemala.  They are all in the textile business (blouses, pants, shirts, aprons).  All of them have limited formal education. The group is borrowing $5,125 to be paid back in 12 months, starting in September.  Cruz, a 42 year old mother of three, will use her portion of the loan to buy fabric and cones of thread at the wholesale level, which she will use to make aprons.  We loaned $100.

Sempre Tres Vidas is a worker-owned-and-operated business in Aiborito,  Puerto Rico.  For the past 8 years, they have been using farming methods that work with nature to produce high quality food while improving the quality of the land. They are a 2 acre garden, and chemical pesticides and synthetic fertilizer are never used in their operation. The farm serves as an ecological food oasis in acountry which imports 85% of its food.  It is estimated that the current food supply in Puerto Rico would last 2 1/2 weeks if imports were to cease.  The farm also serves a role in education, presenting programs in the local schools and in the community.  Sempre Tres Vidas is borrowing $10,000 to be paid back over 42 months.  The funds will be used to purchase a walk-behind tractor with attachments.  They will also build a 12' x 12' cold room which they will use to store products, extending their marketing season.  With these additions, they expect their profits to increase significantly.  We loaned $25.  This is our first loan in Puerto Rico.

Thank you for your continued support.  These loans are made, in almost every case, to persons who do not have access to financial services or would not qualify for a loan if they did.  Providing them with access to credit allows them to improve their lives and their communities.  Your contributions are making a real difference to nearly 500 persons in 78 countries around the world.

If you would like to participate in one of our meetings, talk to Tom Mitchell or Rich Wymore.