The project will support 300 rural and poor entrepreneurs per year with micro interest-free loans based on PAY-IT-FORWARD model. It will further carryout finance literacy trainings to build their capacity, support in business identification and provide micro interest- free loans to aspiring unbanked entrepreneurs for financial inclusion and economic empowerment. Each beneficiary will then return the loan within agreed upon period and it is given to another to start a business.
In Uganda, 87% of Ugandans lacked bank accounts and this means that more half of the Ugandan population can't have access to bank loans let alone be in position to pay the high interest rates change by finance institutions. This has killed grassroots entrepreneurship thus cutting off majority of the population that is rural based out of mainstream finance and economic contributions and therefore, kept in a cycle of poverty. However, you and i can change this trend on this!
The project will provide access to micro interest-free loans to 300 rural poor entrepreneurs per year to establish and/or boost income-generating activities and payback the money which is then given to another member of the community. Conduct financial literacy and management skills trainings to build the of the beneficiaries, foster community development, social cohesion and access to resources needed by unbanked communities. Help us support rural entrepreneurs with resources.
The project will provide collateral and interest free microloans to 300 rural and poor people who can't access Bank Loans to support community economic activities that will result into improved access to finance for rural poor and unbanked communities. Additionally, it will enhance financial literacy, management skills and empower women and youth entrepreneurs leading to increased income and economic stability. Lastly, it will lead to strengthened community cohesion and social capital.
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