Our WE Empower program works to provide micro-loans 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 micro-finance 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. These startup needs could be as small as $50.
In order to fulfill their desires 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, so paying back the loan would prove more costly than beneficial. Many banks also require collateral for those who have not had the chance to establish an economic backing. This is really hard for low-income families to provide.
WE International responds to this problem of poverty through our “WE Empower” Micro-finance Program. Micro-finance is an economic development model which pairs a person in need with the micro-loan that they need to fulfill their dreams, start a business, provide for their family, and sustainably help to grow their local economy from the bottom up.
Our WE Empower program works to provide micro-loans at low interest rates to local Ugandan residents. This helps to both cover startup business costs and provide basic business training to our recipients. We do so in a way which does not require collateral, enabling local Ugandans to be eligible for our micro-loan. In doing this, WE International affirms the dignity of these individuals as worthy of investment and loans, therefore empowering our micro-finance program participants. They can build and establish their own sustainable livelihood, instead of depending on unsustainable handouts. As their businesses develop, participants pay back their loans and have the opportunity to take out an additional loan in order to expand their business further.
To supplement our WE Empower micro-finance 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 WE Empower program provides a transformative opportunity for participants which will not only impact our micro-financing clients, but will influence their families and hopefully shape their community. Through our method, individuals are empowered, children are free from the burden of working to help their family and are able to go to school, Entire communities can be transformed as families are provided for, and WE are one step closer to breaking the cycle of poverty in Uganda.