Our WE Empower program works to provide microloans at low interest rates to residents in Uganda without requiring collateral. In doing so, WE International affirms the dignity of these individuals as worthy of investment, therefore empowering our microfinance program applicants and recipients. With their loan, they can build their own sustainable livelihood, instead of depending on handouts. As their businesses develop, recipients pay back their loans and may have the opportunity to take out another loan in order to expand their business further.
In Uganda, providing for one’s family may include providing shelter, meals and clothing for family members, covering school tuition fees, uniform costs, and school supplies for children, and paying for any medical care family members may need. Many Ugandans have a hard time covering all of these costs. They may have ideas of providing for their families by running their own business, but may lack the startup resources and the education to do so. In many cases, these startup needs could be as small as $50.
In order to start their businesses and provide for their families, these individuals must apply for a small business loan. The only loans available within their community might have high interest rates attached, making it more costly than beneficial to pay back the loan. Many banks also require collateral for those who have not had the chance to establish economic backing. This can be very difficult for low-income families to provide.
WE International responds to this problem of poverty through our “WE Empower” microfinance program. Microfinance is an economic development model that pairs a person in need with a microloan to help them start a business, provide for their family, and subsequently help to grow their local economy from the bottom up.
Our WE Empower program provides microloans at low interest rates to local Ugandan residents. This helps cover startup business costs and provide basic business training to our recipients. We do not require collateral which helps local Ugandans become eligible for our microloans. In doing this, WE International affirms the dignity of these individuals as worthy of investment, therefore empowering our program participants.
To supplement our WE Empower microfinance program and in order to work towards sustainable economic development, WE International also provides entrepreneurial training for participants. By enabling people to build a livelihood, our program provides a transformative opportunity for participants that not only impacts our microfinance clients, but also influences their families and helps shape their community. Through our method, individuals are empowered and children are free from the burden of working to help their family and are able to go to school. Entire communities can be transformed when families are provided for. WE are one step closer to breaking the cycle of poverty in Uganda.