Micro Finance Program: Update

Micro Finance Program: Update

Two months ago, The Sanctuary implemented a micro finance program to provide would-be entrepreneurs with the startup capital to make their businesses a reality.
Over the course of these two months we have seen great successes not just among the participants, but within the program itself as well. The program started out with only $100 but has been able to reinvest and currently has lent out a total of more than $450! These are some of the borrowers:
Carol has been supported by Jinja Connection for a year now and was the first to apply for a loan. By borrowing $25 she was able to start producing her very own magazine bead necklaces and bracelets. She saved all of the money she earned to be able to go and see her family in Moroto, more than 250 kilometres away!
Jacob was the second to apply and resides in The Sanctuary home. He wanted to use his art skills to create beautiful paintings for resale. His dream after he completes school is to become an entrepreneur and start up his very own business.
Wycliffe has been working very hard with his small business, where he travels a few hours into Kampala to purchase clothing wholesale and distributes them locally. He has been gone back and forth from the city several times in the last two months.
Steven was the first to get into creating his own products; by combining several recycled materials like old tires and belts, he was able to create these great sandals! A loan of $45 helped Steven acquire the tools needed to create his own sandals and has been teaming up with some of his friends to make the footwear together.
Despite Ambrose’s busy schedule, he was also able to borrow some funds. He decided to do the same as Wycliffe by traveling to acquire clothing, but specialized in shoes. He traveled to Kampala for a single trip to get all the shoes he could, and has been selling them ever since.
Pascal decided that he preferred to get into food services. He used his loan to create a fast food booth which makes crispy tortillas known as Chapattis, and Samosas. Today he was out purchasing more supplies for food, but had hired his friend Willie to continue the franchise in his absence.
After seeing that the program was going well, the decision was made to open it up to the younger boys of The Sanctuary. We modified the program a bit for them and allowed those who wished, to take care of their own rabbit. This teaches them about caring and responsibility as they each look after their own critter.

The program is still accepting applications, and we currently have a few potential borrowers that are undergoing the process to be eligible for a loan:
Karim hopes to partner with his friend Charles in order to start up their own poultry business where they will look after 50 chickens. They will sell any eggs laid and also resell the chickens on the holidays when they have reached maturity.
Ronnie hopes to team with his friend to start up a stationary store, where he can sell games, movies and music CDs. He wants to use the money he makes to further his education and delve deeper into his schooling.
Paul represents a larger group of individuals that own a fish farm. They are just about ready to sell their first fishes but require a little extra funding to feed the fish as they wait for the selling period to begin. The lent funds will go towards the purchase of feed for their Tilapia and Catfish just before they reach maturity.