jasminewing

Micro-loans are small short term loans that are given to a new entrepreneur that generally lives in poverty. World Vision gives out micro-loans to people in Africa so that they can start up their own businesses and become self-reliant. This greatly contributes to ending the cycle of poverty. With this money, they can start up a restaurant, a little shop, or family farms. In the communities where micro-loans are given, families are being able to send their children to school, feed their children, and get more medical attention. The loans are also being fully paid back 98% of the time, and this money is then given to another community.

Pascasie Ntahombaye of Burundi, who lost her husband and had eight children to look after, was given a micro-loan in 2005  from World Vision and was able to start up a tin bucket production business. No longer did her family suffer from hunger. Pascasie even employs six families from her village to get them out of the cycle of poverty as well.

Prisca Mavuso, whose husband is physically challenged and cannot work, was given a micro-loan in 2003 that helped her craft business grow and prosper. She now is able to provide for her family.

Micro-loans are small; however, they can go a long way and help people who need it the most. People in Africa are now able to become self-reliant and proud of their accomplishments. In Commerce 101, as I have talked about before, this goes along with good business ethics.

http://www.worldvision.ca/give-a-gift/Pages/howmicroloanswork.aspx