The WE Empower microfinance program is all about sustainability. In general terms, here are the steps the WE Empower team takes:
- Identify a group of villagers who, while lacking the credit history and collateral necessary to obtain a business loan, demonstrate the character and ability to repay a loan
- Work with the villagers collectively and individually to provide training and develop business plans
- Enter into loan agreements and make the loan proceeds available
- Continue to work with the loan recipients–again both individually and collectively–to address issues, answer questions, provide guidance and encouragement
- Upon repayment with interest, WE Empower takes the proceeds and starts the process all over again. 100% of the proceeds are reinvested into new recipients.
By taking these steps and working with recipients, WE Empower can make an initial investment pay dividends for many generations of loan recipients.
Even after the loans are made, the WE Empower team provides continuing instruction on money/loan management and business strategies. Last week the WE Empower team–Sam Okoth, Nicholas Musoga and Robert Wafula–met with the current class of loan recipients from Village of Lunyo to provide follow up training and encouragement.
The loans to the 31 Lunyo villagers are due to be repaid in March of 2023. The WE Empower team hopes to reinvest the proceeds from these loans with up to 40 new microfinance recipients.
All loan repayments are recycled into new loans, but without your donations, WE Empower would not exist. If you’d like to support the team in Uganda, you can click here to donate or click “Donate Now” link in the top menu.