Here is a summary of The Road's third social project:
A micro-financing loan to the Fatuma Jumbe Women's Group in Tanzania .
Fatuma Jumbe, 51, is married with 6 children. She has a tailoring business which she began 15 years ago. Working from 8 to 5 daily, she is able to make a monthly profit of about US$80.
She has taken out three previous loans, all since repaid, to buy vitenge (traditional Swahili fabrics) which she sells at her sewing shop. She now would like to buy a sewing (interlocking) machine.
Fatuma will share this loan with her loan group, Mabibo Freedom, whose 15 members hold each other accountable in paying back their loans. In the picture, Fatuma is sitting on the left in the front row. (See their full profile on Kiva).
Their loan went through "Tujijenge Tanzania Ltd", a local micro financing partner of Kiva.
In a group loan like this one, each member of the group receives an individual loan but is part of a group of individuals bound by a group guarantee.
Under this arrangement, each member of the group supports one another and is responsible for paying back the loans of their fellow group members if someone is delinquent or defaults. This is not only a financial guarantee, but also stimulates the social solidarity and responsibility aspect of micro-financing.
Loan Request: $4,000
Repayment terms: 3 months (Deadline April 15 2009)
We gave them a loan of US$100
This is The Road's 3rd social project. The funds for this loan were donated by the VK0IR Heard Island expedition team.
More on The Road's social project "Change Starts Here".
You can keep track of our project via our score card.