2015 Update on Funds

We have six loans that are fully repaid and another six loans outstanding. By the end of the school year, we will request a check for all repaid funds and present it back to Hunter.

Microfinance Summer Update

So far the club has lent a total of $670, using $471 of uploaded funds. An additional $324 in on-time and $137 in late repayments remain outstanding.

Current Loans:

Adame Faye: Early. $60 lent, $40 outstanding.
Loan Proposal: To continue my transportation business that I started with the second loan, I plan to buy another used car, since the profits that I made (combined with the loan) will be enough to buy one. The transportation business in Senegal is a sector that is thriving because of the fluidity of the population in the suburbs, which is why the government is modernizing the area with new bus lines. But taxis are equally used by the population, particularly in residential areas, which is what prompted me to invest in this field. I am also thinking about other areas of business such as the upcoming opening of a money transfer agency for the fourth loan as this also works well and is very productive, and I am in discussion with my bank for a win-win partnership. Thank you, Adama.

Madeleine Ouattara/traore: On time, $65 lent, $65 outstanding.
Loan Proposal: Parallel to my position as midwife, I lead a second activity that involves the sale of cloth Bazin type jewelry, ready to wear for women and children and handbags and shoes and cloths WAX brand, Dutch ... It is a income generating activity especially as I realize profits on a regular basis. provided I was through my sister who is a trader. I sell my items very often a credit to my colleagues, friends and knowing that reimburse me the most at the end of the month. My goal in the short and long term is to open a shop and strengthen my ability.

Boaz Wakasiaka: On time, $80 lent, $77.60 outstanding.
Loan Proposal: I will use 50 percent of the loan to buy books of HIV aids management and other related research books,buy writing materials for students. i will use 20 percent in transport,since i have organized several seminars allover western region Kenya.this will enable me to move and facilitate my movements. i will use 30 percent to pay rent and some few staff by adding on top of what i have.

James Morara Onchangu: On time. $80 lent, $76 outstanding.
Loan Proposal: I run a small handicrafts business. The products that i sell include wooden and stone carvings as well as leather products that are made by village artisans in the community here in Mombasa and surrounding areas. I have also engaged the services of experienced carvers from the community to make special high priced carvings. I fund my business from my own personal savings but we have challenges meetings customers orders as we don't have enough materials to make products. We used our first Zidisha loan of $150 to busy stock and now we have many orders of handicrafts from Japan, USA, South Africa and Switzerland. My business promotes sustainable Kenyan woodcarvings as well by encouraging the use of farm-grown trees instead of threatened hardwoods for carving, thereby securing carvers’ livelihoods and providing a new income source for many poor rural villagers. Woodcarvings made from Neem (locally known as “Mwarubaini”) rather than over-harvested hardwoods, such as ebony, can now carry the FSC logo, giving consumers peace of mind that the carvings have not contributed to the destruction of the forests of Kenya. The certification is also unusual in that it certifies wood from small farms for the production of carvings by Kenyan craftsmen, instead of the most common FSC certifications of large-scale, commercial timber production to supply the timber trade and well-known do-it-yourself stores. We contribute to conservation of threatened Kenyan forests and help to improve livelihoods for poor farmers in Kenya by offering free tree seedlings. My business is profitable as buy my handcrafts stock from the local villages from as low as US$16 - US$80 and i sell at US$30- US$150 depending on each item .I get a profit of US$500 every month. I invested the profit into my business and now I have expanded it and employed two orphans who finished their high school and have not got admission into college. I have enrolled them for evening classes in accounting. I will use this Zidisha loan to buy more stock of handmade arts and crafts from the villagers for sale at a profit and uplift their economic status. I intend to use part of the profit to establish a daycare orphan feeding center in the village as part of my social responsibility in giving back to the community. I will be grateful to Zidisha lenders for giving me a hand once again.I promise to invest wisely and repay my loan promptly.

Andrew Nkurumah: On time. $82 lent, $65 outstanding.
Loan Proposal: As soon as I will receive the funds I will buy enough stock of especially consumable goods such as sugar,cooking fat,soap,flour,bread and other goods like tissue papers,lotions of different types, households and as well add other new items like exercise books,fulls capes,envelops,chalks,pencils and biro pens. This will enable me to attract more customers and sell my goods first and pay my loan on time

Mamadou Fofana: Late. 18% of $82 repaid.
Loan Proposal: I would like to use this loan to buy a lot of merchandise each time there is a new arrival of fabrics and shoes on Medina’s market. Therefore, thanks to the help of the generous lenders at Zidisha, I will be able to expand my business, have more customers and generate more profits.

David Malibo: Late. 4% of $55 repaid.
Loan Proposal: If you fund me with the loan i will expand my farming business by buying more inputs. i will also plant a variety of produce apart from maize i will start growing tomato and cabbages which are currently hot cake in the market. i will ensure i purchase all the incentives necessary to enable maximization of profits.

Fredrick Omamo: Late. 0% of $30 repaid.
Loan Proposal: The previous loan which was advanced to me by Zidisha Team enabled me to achieve most of my business dreams and aspirations. I was able to buy more stock in my computer services business. I will use this loan to buy more computers for internet browsing that will cost KSh 10,000. I will use KSh 5,000 to buy reams of printing papers which are on high demand in the area and KSh 23,000 to buy commercial photocopying machine since the existing one cannot adequately meet the high demand for the photocopy services within my business area. I also get tenders from schools and churches and I need two photocopying machines in order to serve my customers satisfactorily. I am so grateful to Zidisha Inc. Thank you very much.

Recently Completed Loans:

John Macharia: 100% of $60 repaid.
Loan Proposal: Great friends, I am very very grateful for being part of you and you all being part of me.my second loan establish my business well and wide. I will now use the third loan to merge other related computer work and stocking in large scale all computer parts and also make it a mandatory for my premise to officially start selling laptop as the demand is too high in our area. I will also add another digital printer as for digital photo has started especially this festive season. thank you all my lender and the whole Zidisha organization for being there for me whenever I need you most.

Soukeyna Diop: 100% of $30 repaid.
Loan Proposal: Welcome, dear lenders. I offer thanks for the first loan which allowed me to better under my business processing local grains. For my second loan, I will begin to sell cloth that I will buy in nearby countries such as Mali and Mauretania. It had been a good year overall for family parties and religious festivals and these products are also much in demand certainly by women but also artists because it is quality fabric such as bazin riche and dyed bazin.

Susan Njoroge: 100% of $46 repaid.
Loan Proposal: I would like to start up a lab in my chemist so that i will be able to take some tests without refering my clients to other labs.i want to have another room for the lab and also have some equipments like the microscope,fridge,sentrifuge among others so am going at a slow pace but sure thanks to zidisha for supporting me this much.

Update on Outstanding Loans

Here's a update on the loans the club made over the past school year, and the amounts repaid since then.

Of the 249 dollars initially invested in loans over the past year since March, $22 from the March and May loans (13.4% of the $164 total) has been repaid, and of that amount, $16 was reinvested over the summer as part of the August loans, resulting in a total investment of $265 dollars over the past year. As a note, the disbursement date is somewhat later than the original investment date - the money for the May and March loans was invested contemporaneously.

As follows are the loan descriptions for our two most recent loans.

Guest Speaker: April 16, 2013

Last week our group welcomed our second guest speaker, a former Kiva fellow who answered some of our questions about microloans and how they work.

We learned that loans which are not fully funded within a month expire and are taken off the site. However, the borrower still receives the money, as the loans are actually funded in advance of them being posted on the Kiva site. Some borrowers in Muslim countries have a harder time getting their loans funded because they must cover their faces in photos.

People in rural areas often have little knowledge of the internet and don't realize that their bio and photo are being seen by so many people. Often when Kiva workers show them the website and that people from all around the world are funding their loan, they are amazed that people from so far away care about them and their business.

Some alternate forms of microloans are being developed, such as loans to fund university tuition. Kiva funds the University of Strathmore in Kenya -- ten to fourteen year loans of $11,500 with no repayment required until after graduation.

Microloans are also being used to fund ecofriendly businesses such as the production of solar powered cooking stoves by an African country. The stoves are cheap and environmentally friendly.

Offering microloans to women is a great benefit. Women often manage the household, so money given to them benefits the whole family. Women often have close relationships with other women, who will back up their loans.

Some of the interest rates in the microloan industry are very high. For example, the interest rates are 36% in Peru and 80% in Mexico. This is because of safety concerns - Mexico is considered a high risk location. Also operating costs are higher in relation to loan size, which results in a higher interest rate.

Loans Made!

     Due to incompatibilities between the Hunter bursar's office, which only releases money in the form of checks, and Kiva, which doesn't take checks, we've switched our loans to a smaller, competing microloans website, Zidisha, which has a greater focus on loans on the African continent, and of course accepts checks. The two lenders who the money eventually was eventually loaned to and their lender bios (self-written) are as follows:

"My name is Mamadou Fofana. I was born in Faranah in 1958. I have grown up in this town and I have completed Middle School over there in my uncle’s family. My uncle was a trader and he used to travel often to the nearby counties in this part of Guinea. He used to sell miscellaneous goods such as fabrics and shoes. It is at this time that I became interested in trading because when I was not studying he would ask me to sell merchandise in his shop. So I was studying and being a small retailer as well. Not only did I sell for my uncle but I was also selling second hand clothing on top of that. Later on, I started selecting shirts and shoes samples that I would send to school. I would sell them to the teachers and to some of my friends students . It is this business that I am pursuing today since I could not continue my studies due to family reasons. Just like my uncle did, I bring fabrics and shoes to Conakry and I sell them in the gold mines located in Kouroussa, Mandina and Siguri. Thanks to my school and to my uncle’s relations, I have no problems selling my merchandise."

Purpose of Loan: I would like to use this loan to buy a lot of merchandise each time there is a new arrival of fabrics and shoes on Medina’s market. Therefore, thanks to the help of the generous lenders at Zidisha, I will be able to expand my business, have more customers and generate more profits. About the business: "My business name is SPS SHOP is Located AT SHABARB SHOPPING CENTRE ,P.O BOX 14953-20100 Nakuru TELEPHONE NUMBER 0723454638.It is sole proprietorship,It was established IN 2003 . It is licensed under single business permit under the municipal council of Nakuru. My business deals with selling of all house hold goods and foods. Most of my customers prefer my business because of the services that are offered and as well the costs are standard depending on goods,quality and quantity products that I have comparing to other competitors and also availability of goods without lack, they need from lower class to higher class ,though there is more competitors it depends on how first I can deliver the services to them as well as quality goods The site where I am located there is no more competitors hence my services to my clients are good,first and reliable all the time,though you can here some complains but not more since there is no perfect person.but with Zidisha loan I will be perfect."

Loan Details: Total Size of Loan: $500 Repayment Term: 12 months Verified by: CAD "The Centre for Development Support (CAD) is a national NGO created in 2001 by Guinean organizations who have acquired demonstrated experience in a range of development sectors and with national and international aid organizations such as USAID, the PNUD, Africare, and the United States Foundation for Development in Africa (USADF)." "I am Andrew Nkurumah,I am single,I reside in Ronda and work as a businessman,I started a business shop as a shopkeeper in 2003, The first loan I received it greatly assisted me much I added enough stock to my business which assisted me to pay back my loan and I remained with the business running .By doing so I have been in business though it has taken me along period of time to grow as well as to change to another step is the business is just stagnant. You may have passion of starting or boost your business but you are poor financially, loan can highly boost you to move to another different level in business ." Purpose of the loan: "as soon as I will receive the funds I will buy enough stock of especially consumable goods such as sugar,cooking fat,soap,flour,bread and other goods like tissue papers,lotions of different types, households and as well add other new items like exercise books,fulls capes,envelops,chalks,pencils and biro pens. This will enable me to attract more customers and sell my goods first and pay my loan on time" About the business: "My current activity consists in selling fabrics and shoes. I bring them to the gold mines. Today, these places are the ones that are the most populated in Guinea. It is easier to sell goods there tan in the capital Conakry. Customers originate from all bordering countries such as Mali, Ivory Coast Senegal and Sierra Leone. All these goods are in demand. I sell mostly fabrics and men’s shoes. All I need for this business is a good address of an exporter of goods. All these people are located in the Madina’s big shopping center. When they get a new shipment, they let their main customers know. Once I know, I go and make my selection. I pay the merchandise cash up to the amount I am carrying and the wholesaler agrees to lend me the money for the rest. Therefore it is important to always have cash on hand in order to get goods because wholesalers only lend money for half the value of the merchandise you gave selected. My business is not very risky except for unsold merchandise which is very rare. The problem that I have is a lack of cash flow in order to be ready to cover my inventory purchases and transport costs to Conakry at all times. This is why I am asking for a loan from Zidisha." Loan Details: Total Size of Loan: $500 Repayment Term: 12 months Verified by: ZidishaDisbursed: March 20

Our first microloan candidates!

Tomorrow is our club bake sale to raise money to make our first microloans.

By purchasing something at the bake sale, you'll also be able to vote. 

Do you want your dollar to be lent to:

Candidate A:

Uk is 25 years old, a resident living in Kompong Speu province. Uk is a hardworking man who currently works for a garment factory and also operates farming on his own farmland. Since he started working in the factory, Uk has met his wife and they happily got married. This couple doesn’t have any children yet but they plan to have one next year. Together, they can make around 8.00 USD to support their living.

Uk is now taking out a loan through HKL, a longstanding Kiva partner, to purchase a couple of cows for the maintenance of the rice fields. The two cows will help him in his farm work and also cut down his operation costs. For his future plan, Uk will save his income partially for the expansion of his farming business.

Candidate B:

Mrs. Oyunchimeg is 56 years old and lives with her husband and two grandchildren in a ger in the Hovd province in Mongolia. Her husband, Pagma, runs a taxi service within the town. Her children married and moved out of their parents' house. Her grandchildren Enhtemujin, age 3, and Enhtemulen, age 1, stay home with her because their parents go to work and they have not reached kindergarten age yet. Mrs. Oyunchimeg has been running her tailoring business at home since 1991. She used to work at a state-owned tailoring company for years. She has built a strong relationship with suppliers and customers. She is now requesting 1,600,000 MNT to purchase inventory for her tailoring business from Ulaanbaatar at a cheaper price. She is a hardworking and kind person.

We've set up a poll in the sidebar -- which candidate did you vote for?

Don't forget -- buying food at the bake sale means that when our loans are repaid, you'll get free food. Just put your name on the back of the card that the cashier gives you.

Our First Fundraiser

We're holding our first bakesale on Tuesday, January 8th. The fundraiser will be running during activities and fifth period in the GO foyer (11:20-12:30 approx.). We will be picking two candidates to invest in, and you can choose which one you'd like to donate your purchase to help. When they repay their loan later this year, be sure to come back to collect your free food (equal in value to the amount you spend on Tuesday)!

First Meeting

Interest Meeting: October 9, Tuesday Room 312. Activities Period

We will typically meet every other Tuesday. If you can’t come to our interest meeting next Tuesday, try to come to the next earliest meeting.