Micro-Finance program

Micro-Finance program

To supplement the livelihoods programmes provided to OVC and community members through our vocational training Schemes, the project has also embarked on a number of microfinance initiatives to help support graduating students and also to assist project staff and members of the community to access basic financial services.

Our first micro finance or micro enterprise initiative has been to provide some of our students graduating from our sewing classes with machines and start-up kits to support them in the creation of their own businesses and to help them develop sustainable livelihoods for them and their families. We have further supplemented this program with the provision of savings and loans schemes to help these individuals access a means of investing returns but also to access small amounts of credit to assist them in developing their businesses.

In 2011 our Book keeper, Given received training in Village Saving and Loan schemes in South Africa. The project now has four savings groups who meet monthly or twice monthly to save together, provide each other with small loans and also a level of insurance. These groups have been very successful and have quickly grown. We have more than 70 individuals enrolled and groups last year received an average of 21% return on their investment.

The groups consist of some OVC Staff but mainly enterprising marketers and fish sellers from the village who utilise the services provided as a small financial institution to help them grow their businesses and provide a safe and profitable forum through which to save any excess money they may have.

Average returns for the year were around $600 mark per member.

 

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