By Deborah Smith | WMI Board of Directors
A special message to our many generous donors:
As we reflect back on the first ten years of our work, we are reminded of our many blessings. From our initial 20-loan issuance in January 2008, Women’s Microfinance Initiative has grown to an organization serving 13 locations across Uganda, Kenya, and Tanzania. Due to your generous contributions and on-going support we have raised over $1.7 million – primarily in small donations by individuals. We have begun to see a major transformation of economic circumstances in our villages. Women who struggled to put food on the table and educate their children are now running prosperous local businesses.
Although many challenges remain, increased income and savings have meant fewer illnesses, healthier meals, and children able to go to college (un-thought of just a few years ago). Even more important to us is seeing first-hand the new found confidence and self-worth our women demonstrate day in and day out. More than 12,000 women have now completed our business training programs and taken loans through WMI. The $5 million we have lent has increased our borrowers’ income by over 400% annually. And our fully-capitalized loan fund ensures that we can operate in perpetuity. All of our programs operate on a self-sustaining basis and profits and spent on community projects. WMI's low administrative costs mean 98% of your donations go directly to the loan fund or to special projects like infrastructure development. To all of you, WMI and our borrowers send a huge THANK YOU!!
We want to leave you with this thought from one of our borrowers, 29 year-old Alice from Bugusege village in north-east Uganda. Alice is a hairdresser who used her loan to purchase new hair treatments, styling equipment, including a standing hairdryer, and hair braids. Long term, Alice dreams of opening a vocational school to train other women to be successful salon owners. For now, Alice is focused on continuing to provide for her family, growing her savings – a skill she’s learned through the WMI program, and watching her children and community flourish.
Of the impact the loan program has had on the women of the village, Alice had the following to say, “You see that the women are dressing smart and taking care of themselves. Before everyone would say that women belong in the kitchen, but things are changing. If you go to the market, women run most of the businesses. The women in the community are ever busy.”
Wishing all of you a happy holiday season and a joyous New Year!
The Board of Directors
Women’s Microfinance Initiative
Borrower biography written by 2017 summer intern Vince Dewar, now a junior at Florida State University majoring in International Affairs.
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