Nicaraguan Women Microloan Funding
Donation protected
"It's like a miracle," one woman remarked. "But, a miracle that I made happen with my own two hands."
Hi! We are Samantha James and Nicole Lighthouse, two medical students from Kirksville, Missouri. Our lives were recently changed on a medical mission trip to Nicaragua when we met the wonderful, hardworking women of Chacraseca. Nicaragua is a gorgeous, vibrant country full of life and hope. But unfortunately, it is also direly poor. With just $3,000, we can provide a sustainable way for 10 new women to increase their sense of community, help their families thrive, and give hope to otherwise desolate situations.
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History of JustHope:
JustHope started its first microbank project in July, 2009.
That first cycle of lending gave 12 women the opportunity to start their own small business. Loans of $50 - $250 were made for businesses from small stores, to growing pigs, selling tortillas, and farming small plots of land. The women in the group made decisions together about the terms of their bank, including the loan limits, the interest rate, and the repayment schedules. They also agreed that “social collateral” would guarantee their loans – the commitment of each woman to the faithful repayment of ALL the loans. If one woman failed, they agreed, they would all become responsible for her debt. They also decided together to pay 1% interest per month (12% per year). This rate of interest was chosen because it is both significantly less than any other microcredit organization in the area charges (up to 36%), AND it will provide enough income to grow the bank so that other women can benefit in the future.
By the end of the first loan cycle every single woman had repaid her loan in full, AND made enough profit to improve her family’s life.
Since 2009, several Partners and Donor Partners have added capital to the bank in Chacraseca and capitalized a new microcredit bank in Santa Emilia. The kind of small businesses women are starting has expanded, and the repayment rate continues to be 100% in both banks. But most importantly, these women are finding they are able to put more food on their family table, pay for medications, buy shoes, and send children to school.
Hi! We are Samantha James and Nicole Lighthouse, two medical students from Kirksville, Missouri. Our lives were recently changed on a medical mission trip to Nicaragua when we met the wonderful, hardworking women of Chacraseca. Nicaragua is a gorgeous, vibrant country full of life and hope. But unfortunately, it is also direly poor. With just $3,000, we can provide a sustainable way for 10 new women to increase their sense of community, help their families thrive, and give hope to otherwise desolate situations.
-----------------------------------
History of JustHope:
JustHope started its first microbank project in July, 2009.
That first cycle of lending gave 12 women the opportunity to start their own small business. Loans of $50 - $250 were made for businesses from small stores, to growing pigs, selling tortillas, and farming small plots of land. The women in the group made decisions together about the terms of their bank, including the loan limits, the interest rate, and the repayment schedules. They also agreed that “social collateral” would guarantee their loans – the commitment of each woman to the faithful repayment of ALL the loans. If one woman failed, they agreed, they would all become responsible for her debt. They also decided together to pay 1% interest per month (12% per year). This rate of interest was chosen because it is both significantly less than any other microcredit organization in the area charges (up to 36%), AND it will provide enough income to grow the bank so that other women can benefit in the future.
By the end of the first loan cycle every single woman had repaid her loan in full, AND made enough profit to improve her family’s life.
Since 2009, several Partners and Donor Partners have added capital to the bank in Chacraseca and capitalized a new microcredit bank in Santa Emilia. The kind of small businesses women are starting has expanded, and the repayment rate continues to be 100% in both banks. But most importantly, these women are finding they are able to put more food on their family table, pay for medications, buy shoes, and send children to school.
Organizer
Samantha James
Organizer
Kirksville, MO