30/05: Exploring Microfinancing for Our Sewing Machine Project
Now that our uniform project is moving along, we are thinking about the future of our future graduates of our training program. What will be the best approach to encourage entrepreneurship and community involvement?
Microfinancing leaps to mind. But as New York Times columnist Nicholas Kristof points out in his blog, encouraging savings is as important as lending money, and encouraging community involvement is equally important.
So one model we are looking at is the Savings and Internal Lending Communities organized by Catholic Relief Services. The model does not offer loans from an outside group, but helps communities organize their own savings-and-loan associations. There's a safe place for people to keep their money -- note the giant lock box in the photo; the loans are made through a committee made of men and women from throughout the community, not just from the rich landowner to the poor.
We've just started exploring this option, so comments and recommendations would be most appreciated. As we expand our commitment to bringing education and opportunity to South Sudan, developing a model to finance many local enterprises, from tailoring to agriculture and beyond, could become an important part of our mission.
Microfinancing leaps to mind. But as New York Times columnist Nicholas Kristof points out in his blog, encouraging savings is as important as lending money, and encouraging community involvement is equally important.
So one model we are looking at is the Savings and Internal Lending Communities organized by Catholic Relief Services. The model does not offer loans from an outside group, but helps communities organize their own savings-and-loan associations. There's a safe place for people to keep their money -- note the giant lock box in the photo; the loans are made through a committee made of men and women from throughout the community, not just from the rich landowner to the poor.
We've just started exploring this option, so comments and recommendations would be most appreciated. As we expand our commitment to bringing education and opportunity to South Sudan, developing a model to finance many local enterprises, from tailoring to agriculture and beyond, could become an important part of our mission.
