Loan Funding

HopeCore recently funded 3 self-help groups. Each of the 36 members of Jejenge 3, Arithi 2 and Vision 7 self-help groups received 30,000Ksh (about $350) checks on March 15th. Loan recipients will use this money to invest this their individual micro-enterprises. Before they were funded, each group proved its reliability by successfully repaying “soft loans”. The soft-loan program allows HopeCore associate groups to borrow 30,000Ksh to be distributed to members at the group’s discretion. Groups have 6 months to repay the soft loan. The program allows groups to practice repaying loans before they receive individual loans.

After the groups repaid their soft loans and before they were given their individual checks, the groups attended a weeklong training led by HopeCore. The Ministry of Agriculture trained the groups on financial literacy and business planning. HopeCore assisted each of the 36 loan recipients in writing a comprehensive business plan. After the training, HopeCore traveled to each of the loan clients’ businesses to make a baseline assessment.

After funding, each group member has two weeks to invest his or her money. After two weeks, HopeCore will travel to each of the recipients’ homes to document their progress. Many of the loan recipients plan to invest in dairy cows, tea farming, and other agricultural enterprises. Others plan to invest in small shops, tailoring businesses, and kiosks.