Origin of microfinance
Of the first part
Hereinafter known as « Borrower »
Of the second part
The microfinance institution (MFI) is an organization the activity of which is granting microcredits to the poorest populations. The MFI exercises its activity in
The object of this loan agreement is to enable the micro-entrepreneur as defined in article 2 of this loan agreement, who exercises his activity in the Country to be granted a microcredit in order to allow his social and economic development.
The direct communication between the Lender and the micro-entrepreneur being technically and geographically impossible, the Lender wants to loan an amount of money to the Borrower and the Borrower is committed to allocate this amount to the micro-entrepreneur as defined in Article 2 of this loan agreement .
The Lender is willing to participate in the development of microcredit
in developing countries and his goal is above all philanthropic and social.
IT HAS BEEN DECIDED AND AGREED THAT:
Article 1 – Amount and term of the loan
According to the clauses and conditions defined below, the Lender grants to the Borrower a loan of 0 euros for a term of months.
This loan agreement will definitely come into force from the latest of these following dates:
- The day when the free examination period of the Lender expires
- The day when the total amount necessary to refinancing of will have been lent, if the amount of this loan does not cover alone the amount needed to be refinanced for the Beneficiary, plus the free examination periods.
- The expiry date of the time the Beneficiary project can stay online, fixed to 3 (three) months from the day it was posted online.Source: www.babyloan.org
Category: Payday loans