Most women enrolled in Power of Love’s micro loans program are growing their businesses and learning to become successful entrepreneurs. In addition to paying for food, medicines, school expenses for children the women enjoy a stable income, start building assets, and are more self-reliant in taking care of their health and expenses.
How do loan recipients learn self-reliance? After completing of business training, the newly minted entrepreneurs start businesses and put the business principles they learnt into practice. In the first eight months of 2022, more than 700 women received training in business, business mentoring, and ongoing business monitoring. In addition, 65 new loan recipients joined the program so that we now have 615 active loans. As a result of these program activities most businesses are doing well despite the impact of COVID restrictions.
What is the key to success? We strongly believe that the women’s businesses are succeeding due to a few unique attributes of this program. First, we work closely with local leaders and community organizations including churches. Over the last few years, several church pastors requested that their women parishioners receive business training after observing the success of businesses run by women who had completed this training. Second, community members provide feedback for program improvement as they have been working with our ground team for the past 17 years.
Goals of this program: The goals of our micro loans program are (i) equip women with the tools they need to run a successful business, (ii) create conditions for social empowerment, and (iii) enable women to gather enough capital and savings so they can continue to run a profitable business even after graduating from the program.
What next? Over the next four months, our plan is to provide business training to an additional 200 women and new loans to an additional 50 women to bring the total number of active loans to 665 benefitting more than 4,500 family members. The provision of ongoing business training, support and loans result in higher skill levels in the community, and improved gender equity.
Thanks for bringing income stability and improved gender equity in resource poor communities.