Micro Finance for New Businesses!

We are happy to announce that our collaboration with Global Micro has produced three micro finance loans this week! Micro finance loans are designed to help the poor who want to start a business but have no means to get bank loans. They are small loans, not charity, and the recipient also receives training in bookeeping or marketing if needed. When the money is repayed (usually a small amount each week over 10-20 weeks) it is then used to provide another loan for another person.
This ability to start a business offers opportunity for an individual to break the cycle of poverty and to enable him or her to provide for the family. A simple, small but successful business provides a way for children to attend school,  pay for health care when needed, and an overall improvement in living conditions. This is a "Hand up" not a "handout"!
Project Life Subic encouraged four potential recipients to develop a business plan and assess their needs. Then Global Micro held the interviews and set up the contracts. This week three loans were awarded and another may be available in November.
Cathy will be opening a small sari sari store (home business selling a variety of canned goods, toiletries, charcoal, etc). Cindy is buying/selling frozen foods. Glenda will be making longanisa and other home cooked foods to sell to neighbors. We will keep you updated on their progress!
We are celebrating with Cindy, Cathy and Glenda! Here are some pictures of the contract signing with Tobias S., Global Micro founder.

MARAMING SALAMAT to Tobias for all his efforts to help change the lives of those in need! This is the beginning of a collaboration that will be beneficial and life-changing for MANY!