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Tuesday, January 25, 2011

Microfinance week: Microloan Foundation

The UK based MicroLoan Foundation is another microfinance organization that does great work across the globe. Their mission is "Giving a hand up, not a hand out to women in Africa." Which really goes well with my thoughts on charity, I prefer organizations which help people to improve their lives instead of merely giving them temporary aid. So, I already like this organization and that is just on the front page.

Unlike some direct microloaning programs, you do not choose individuals to loan your money to, instead you donate to them and they will automatically reinvest funds when they are repaid. One of the nice aspects is that you donate you money and allow the organization to be in charge of the funds and you do not need to continue monitoring it like you do with direct lending.

The MicroLoan Foundation works by loaning to groups of women and "each group has its business ideas appraised and receives eight training sessions covering topics such as book keeping and cash flow." The groups meet with to make sure they all stay on target to repay their loans and get business advice, as well as with a loan officer. "And here's the real beauty in MicroLoan - because we offer a hand up not a hand out, when the women repay their microloans, we give it to another woman....when she repays it we give to another....and so on...your donations keep on helping women in Africa over and over again" -How we work.

Here is a video made by the organization, you all know how I love these. I feel sometimes that words spoken directly by those impacted by a charity can have so much more affect than 1000 flowery words written by me on this blog.

Don't forget, this week is a challenge, whichever blog post gets the most votes for the week is the microfinance company that I will give $25 to. So if you like MicroLoanFoundation, comment below. :-) P.S. Was distracted by the State of the Union and its coverage, sorry for the late posting today.

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