Our first Banco Comunitario is off the ground with its Directive Board elected and its first three loans made!
A Community Bank is a form of micro credit but differs in this important way, it insists on participants having savings accounts and saving each week. Loans are based on a formula that is a multiple of what they have saved.
Directive Board Members
First Loan: Rosalia Rodriquez was loaned $211 to buy supplies to make sweets and snacks as street vender.
Second Loan: Margarita Castro was loaned $264 to buy supplies and more cooking utensils to make snacks and personal articles to sell to schoolchildren on the break.
Third Loan: Emperatriz Carrasco was loaned $400 to buy a small generator to keep working as a beautician when there is no electricity, which is about half the time.
Tuesday, August 16, 2011
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