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Sponsor Microfinance: Empower Small Businesses
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Summary
Project will provide training and financial booster-shot to small businesses, enabling them to start, expand and become self-sufficient. This assistance will help them to break the cycle of poverty. The beneficiaries receive education / training in business management that helps them succeed in their small businesses. Individuals and businesses become self-sufficient and this boosts economic development. Priority is given to women.
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Received £3,841 from 54 donations from people around the world like:
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More Information About this Project
Project Needs and Beneficiaries
According to the United Nations 2007-2008 Human Development report, Sierra Leone ranks as # 177 (last place) in Human Development Index. The UN estimates unemployment to be about 65 percent in Sierra Leone. Tens of thousands of youths and adults struggle to find a meaningful existence and are living below the poverty line. They are exposed to the temptations of resorting to a lifestyle of vices and destructive occupations. They desperately need help and a viable path to self-sufficiency.
Activities
Selected participants will be provided with foundational training in business management / entrepreneurship and business capital. This capital will enable them to start or expand their businesses, become self-reliant and also employ others.
Funding Information
Total Funding Received to Date: £3,841
Remaining Goal to be Funded: £4,410
Total Funding Goal: £8,251
Additional Documentation
This project has provided additional documentation in a Microsoft Excel file (projdoc.xls).
Resources
Why this Project is Important
Potential Long Term Impact
Project will enable individuals and small businesses to move from making barely enough to meet their basic needs (living from hand to mouth) to a point where they will expand providing employment and contributing to national development.
Project Message
This project changes lives by providing a practical, sustainable path out of poverty. What better way to empower people by giving them a "hand up" and not simply a "hand out".
- Joanne Tucker, Project Coordinator
When this Project was Updated
Last Updated
This project was last updated on December 07, 2011.
Date Added to GlobalGiving
This project was added to the GlobalGiving project catalog on November 21, 2008.
Latest Update from the Field
Microfinance Funds Enhance Business and Improve The Standard of Living of Isata's Family.
By Sylvester Renner - Project Leader, December 07, 2011 06:18 PM
 Isata - food ready for waiting customer It is with great joy that I share the story of Isata. Thanks to your support, we together have helped to enhance her business and improve the standard of living of her family.
Madam Isata is an illiterate petty trader, who has never had the opportunity to attend any educational institution. She lives in Bo, Sierra Leone. She has nine children (3 boys and 6 girls). Isata struggles to educate her children. The eldest child is preparing for his public (WASCE) examination. The school costs including books, school fees, uniforms are burdensome on Isata. The father of her children is alive, but he is an additional burden to the nine children as his salary as low rank police officer is a pittance for the maintenance of the family.
Isata is engaged in cookery sale (cooked rice, foofoo, boiled cassava and beans) as an income generating activity to take care of her family and educate her nine children. Isata makes a profit of Le 50,000 (about $12) per day. She carries out her business in a rented shack for which she pays about $4 per month. Isata has been in this business for five years. Originally, each day due to lack of money, Isata would buy the food items in small quantities (rice by cup, palm oil by pint, fish by measure, etc.) to sustain her business. The low profit margin put the sustainability of her business at a high risk. Isata therefore needed micro finance to expand her business, by buying rice by bag, palm oil by bata (five – gallon container, fish by basket, etc.) to maximize profit, which she could plough back into the business for sustainability as well as being able to take good care of her children.
Thanks to the funds donated, Isata received an interest-free loan and has been able to buy her cooking supplies at wholesale - which has immediately increased her bottom line. She is very grateful to Develop Africa and all GlobalGiving donors for supporting her with micro finance to enhance her business and improve the standard of living of her family. Thanks so much for your support!
Make a Donation Today - Great Way to Help Change Lives: Giving towards microfinance is a great way to help small businesses grow and become independent. Study after study confirms this and we have together been able to strengthen many businesses. Your donations are making a definite difference and positive impact to the lives of women and families. By donating to this project - you are doing the greatest good and bringing permanent change! Its heart-warming to have this opportunity to help influence destinies and we welcome your on-going support. Together we can empower many more women / small businesses.  Isata at her table
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