New Loans Provided to 50 women impacted by HIV/AIDs in Zambia
As a resultof a grant provided by Mobilizing Rotary For Microcredit (an organization that draws from Rotary Clubs in the San Diego area), we were able to provide business training and new loans to 50 new women "entrepreneurs". This grant will go a long way in improving the lives of women and families impacted by HIV/AIDS in Zambia.
Microfinance has transformed the lives of many poor mothers and grandmothers in AIDS-stricken Africa and is truly a powerful tool in helping women become self-reliant. On average, our loan recipients provide care for four children and three elderly people at home. This implies that the MRM (Mobilizing Rotary for Microcredit) grant will make a siginificant difference in the lives of approximately 400 people directly and will have a second round impact in the lives of an additional 1000 people in Zambia. A brief description of the loan making process is given below.
- Fifty women were identified (mostly based on need), who would be provided with micro loans and business training.
- Business training was provided to the 50 new women entrepreneurs in the week of September 7, 2011. Training was provided in 2 sessions with 25 women in each session. The 5-day business training was attended and completed successfully by all 50 women.
- On September 15, 2011 loans were provided to 50 women in the amount of approx. $125 each. Loans were disbursed by the President of Rotary Club Nkwazi and several members of this club participated in the event.
- The women have started making payments and we expect that the first loan cycle will be completed in 6-7 months.