{"id":970,"date":"2022-07-11T07:27:21","date_gmt":"2022-07-11T07:27:21","guid":{"rendered":"https:\/\/www.bwindi.org\/wp01\/?page_id=970"},"modified":"2023-12-15T12:24:20","modified_gmt":"2023-12-15T12:24:20","slug":"microcredit-funds","status":"publish","type":"page","link":"https:\/\/www.bwindi.org\/wp01\/our-projects\/microcredit-funds\/","title":{"rendered":"Microcredit Funds"},"content":{"rendered":"<div class=\"wpb-content-wrapper\" id=\"wpb-content-root\"><p>[vc_row css_animation=&#8221;&#8221; row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221;][vc_column][vc_column_text]We are currently running a microcredit fund based at the Rushaga Community Development Center and three other local villages. Borrowing money in Uganda is very expensive and many in the community do not have access to bank accounts. These are some of the numerous factors that decrease the chances of development and entrepreneurship.<\/p>\n<p>&nbsp;<\/p>\n<p>The interest rates are too high for start ups to cover their debt, and therefore people work their entire life to pay them off, or don\u2019t consider to take a loan. With our funds, people could borrow money collectively at a 1.5% rate, much lower as the banks 2,9%. We have to make this interest to cover our expenses. Another important thing with this loan is that they are collectively responsible for their debt and have to discuss more openly about their finances. Every week they will attend to a meeting, saving money and cash crops in order to maintain a stable payment. We train the women in lending money and how the system works. With this little knowledge and local support, we hope to encourage more people to start up a small sustainable business.<\/p>\n<p>&nbsp;<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row css_animation=&#8221;&#8221; row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221;][vc_column][vc_column_text]To date, 52 women have been included in these finance groups. They have used the money saved and the profits from their loans to pay for school fees for their children as well as provide food for their families.<\/p>\n<p>&nbsp;<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row css_animation=&#8221;&#8221; row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221;][vc_column][vc_column_text]We are currently running a microcredit fund based at the Rushaga Community Development Center and three other local villages. Borrowing money in Uganda is very expensive and many in the community do not have access to bank accounts&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":13,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-970","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Microcredit Funds | Bwindi Conservation For Generations Foundation<\/title>\n<meta name=\"description\" content=\"We are currently involving a microcredit fund, based at the community development centre. Borrowing money in Uganda, is very expensive and therefore is one of the most important factors that decreases the changes of development and entrepreneurship. The interest rates are too high for start ups to cover their debt, and therefore work their entire life to pay them off, or don\u2019t consider to take a loan. With our funds, people could borrow money collectively at a 1.5% rate, much lower as the banks 2,9%. We have to make this interest to cover our expenses. Another important thing with this loan is that they are collectively responsible for their debt and have to discuss more openly about their finances. Every week they will attend to a meeting, saving money and cash crops in order to maintain a stable payment. We train the women in lending money and how the system works. With this little knowledge and local support, we hope to encourage more people to start up a small sustainable business. 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With our funds, people could borrow money collectively at a 1.5% rate, much lower as the banks 2,9%. We have to make this interest to cover our expenses. Another important thing with this loan is that they are collectively responsible for their debt and have to discuss more openly about their finances. Every week they will attend to a meeting, saving money and cash crops in order to maintain a stable payment. We train the women in lending money and how the system works. With this little knowledge and local support, we hope to encourage more people to start up a small sustainable business. 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Borrowing money in Uganda, is very expensive and therefore is one of the most important factors that decreases the changes of development and entrepreneurship. The interest rates are too high for start ups to cover their debt, and therefore work their entire life to pay them off, or don\u2019t consider to take a loan. With our funds, people could borrow money collectively at a 1.5% rate, much lower as the banks 2,9%. We have to make this interest to cover our expenses. Another important thing with this loan is that they are collectively responsible for their debt and have to discuss more openly about their finances. Every week they will attend to a meeting, saving money and cash crops in order to maintain a stable payment. We train the women in lending money and how the system works. With this little knowledge and local support, we hope to encourage more people to start up a small sustainable business. 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