MicroCredit

Beacon of Hope Uganda works in communities where most of the members are living below the poverty line. We organize women who are operating businesses in a given area into cooperative groups.

Currently we are supporting 15 groups with a total of 125 women members. The groups are from various religious denominations and various tribes. Beacon of Hope Uganda trains the members of all their groups on the importance of savings, how to identify and operate businesses in order to maximize profit, and how to utilize loans properly and avoid default.

Beacon of Hope Uganda provides loans ranging between $50-$200 to each woman in the group. When they repay their loans, the funds are sent back to Beacon of Hope Uganda and are loaned out to another woman, who may or may not be in the same group as the woman making the repayment.

Each of the women will have a different business selling various consumable goods such as greens, vegetables, tomatoes, etc.

The idea behind this project is that rural women and youth under BoHU programs will borrow a certain amount of money to start businesses or boost their families’ income. Once the business is started, members will be expected to pay back the amount they initially borrowed.

The money borrowed will then be reinvested in another member of Beacon of Hope Uganda wishing to start a new business. The members will have approximately four months to one year to repay the money, depending on the needs of their businesses, the amount taken and the agreement made with BoHU.

You can adopt this project by donating a seed loan of $50-$200 to kickstart a woman’s business and grant her economical independence.