Walk for Women is an amazing cause – would you join me in supporting Walk for Women?
I’m walking 100 miles in April to raise money for CARE International
. Together we can be part of making positive change for women and girls across the world. Whether you donate £5 or £500, every little bit helps. Thank you!
Walk for Women
CARE International fights poverty and injustice across the world. When you stand with CARE, you are joining a movement working to empower women and girls and set their lives on a better path. Together, we can fight poverty and save lives.
100% of your donation goes directly to Walk for Women – Please donate here
Microfinance refers to financial services for poor and low-income clients and is administered by LendWithCare
. Although most attention has been on the provision of small loans, microfinance in fact also includes the provision of other basic financial services such as savings, money transfer and insurance for poor people. Improving access to such services allows poor and low-income people to finance income-generating activities, build assets, stabilise consumption and protect against risks. Microfinance can play an important role in improving the lives of poor people.
Who is microfinance aimed at?
Microfinance is usually aimed at economically active poor and low-income people who have limited or no access to the services provided by formal financial intermediaries such as banks. Since there are so few salaried work opportunities, they are usually self-employed microentrepreneurs often working from home. Typically, they operate small businesses such as grocery shops, market stalls, car repair, carpentry or other workshops, and in rural areas they tend to focus on food processing, agriculture and raising livestock and poultry. Around two-thirds of microfinance clients worldwide are women.
- Loans are usually relatively short term, less than twelve months in most instances and often even six months or less, and generally for working capital with immediate regular weekly or monthly repayments – they are also disbursed quickly after approval. Loans are usually quite small to begin with; typically they are in the range of $100-500. As borrowers regularly repay their loans and demonstrate their creditworthiness, they become eligible for larger loans.
- The traditional lender’s requirements for physical collateral such as property are usually replaced by a system of collective guarantee (or solidarity) groups whose members are mutually responsible for ensuring that their individual loans are repaid. Alternatively, borrowers may be requested to find one or two personal guarantors – often these are respected local community leaders.