Microfinancing in the philippines
We’re a non-profit organization seeking to raise awareness
Following the Haitian earthquake in January, 2010, Tom Eggert, with the help of his students at UW Madison, worked to raise money to help individuals in Haiti recover from the devastating impacts of the earthquake. Instead of donating the money to a non-profit, they formed Wisconsin Microfinance to explore the role that access to capital could play in improving the quality of life of desperately poor individuals. These small loans (micro-loans) were offered by a partner in Haiti, with funding from the US. The program was designed using principles developed by Muhammad Yunus and the Grameen Bank.
The program was subsequently expanded to the Philippines after Typhoon Yolanda
(known internationally as Typhoon Haiyan) destroyed major parts of the country. Lessons learned from Haiti were incorporated into program development in the Philippines.
Wisconsin Microfinance formally incorporated into a non-profit in 2013 with the intention of expanding microfinance program development to other parts of the developing world.
The Haitian program has been immensely successful and Wisconsin Microfinance has seen 100% repayment of loans. In addition, over 800 individuals are on the waiting list for future loans. As of early 2014, the Philippine portion is still under development but progress is moving quickly. Be sure to keep up to date with news on each country and program developments. Check out our Facebook page and our blog to learn more!Source: www.wisconsinmicrofinance.com
Category: Payday loans