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Make a loan, change a life Nancy Thomas CARE International 17 th April 2013. What is microfinance?. What is microfinance?. Microfinance is the provision of financial services for low-income people. This includes micro-loans, savings, micro-insurance, money transfers and training.

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make a loan change a life nancy thomas care international 17 th april 2013
Make a loan, change a life

Nancy Thomas

CARE International

17th April 2013

what is microfinance

What is microfinance?

What is microfinance?

Microfinance is the provision of financial services for low-income people. This includes micro-loans, savings, micro-insurance, money transfers and training.

Usually provided through specialist microfinance institutions (MFIs) rather than commercial banks.

UN Year of Microcredit in 2005 and Muhammad Yunus and Grameen received Nobel Peace Prize in 2006.

slide3

Why is it important?

  • Despite growing international attention, 2.5 billion people, most of whom live in developing countries, still lack access to basic financial services
  • At CARE we believe that fair & effective financial services are central to addressing poverty
  • And we have seen in the two decades we have been working in microfinance that providing people with appropriate financial tools & training can have a transformative effect on their lives – helping the poorest earn a living, grow businesses & create new jobs
  • If not delivered well, it can worsen economic and social situations and result in, for example, over-indebtedness and worsening gender relations
what is lendwithcare
What is lendwithcare?
  • Lendwithcare is a microfinance project implemented by the charity CARE International UK.
  • It allows individuals/groups to lend small amounts of money (microloans) to entrepreneurs in developing countries to help them grow or expand their small business.
  • Individuals visit the website – www.lendwithcare.org - and choose an entrepreneur to lend to. They can lend as little as £15 or the full loan.
  • How it works video
slide5

What is lendwithcare?

The entrepreneurs repay the loan back to you, then you can choose to re-lend to another entrepreneur, donate the repayments to CARE or withdraw the money.

We work through local MFI partners in Togo, Benin, Philippines, Cambodia, and Ecuador (with strong social development missions who provide more than just finance).

We are soon to start working with new partners in Pakistan & Indonesia & exploring partnerships in Bosnia & Herzegovina, Zambia and Malawi.

slide6

7. You decide

what

happens next

1.The

Entrepreneur

has an idea

6. The Entrepreneur

repays your loan

2.The

microfinance

institution (MFI)

gives

a loan

5. The Entrepreneur

grows their business

3. The Entrepreneur

appears

on lendwithcare.org

4. You cover the loan

slide8

What are the benefits?

  • Supports small businesses, creates employment and generates wealth as well as promotes self-reliance and independence in poor communities.
  • Very transparent - all funds go to the MFI, we do not charge interest or take anything in administrative costs.
  • Lenders receive their money back (approx. 97% go on to re-lend) – the funds keep revolving and continuing to help people.
celebrity ambassadors
Celebrity ambassadors

DeborahMeaden (BBC)

Stacey Dooley (BBC3)

Kate Garraway (ITV)

progress to date
Progress to date

To date:

  • 10,000 lenders
  • 62,000 loans
  • £2 million in loans value
  • 3,900 fully funded entrepreneurs
  • 4 Rotary Districts & 24 Rotary Groups – at least!