NEW MICRO LOAN GROUPS – JUNE 2016.
Starting in 2009, IHA has made loans to 29 women-managed and 2 male-managed groups involving some 400 families in rural Uganda. Each group is loaned about 400,000 shillings (approx. $160) at 10% per year interest, to start a self sustaining business. If the loan is paid back, the group becomes eligible for a larger loan. Since the start of the program, all loans made to women’s groups have been repaid; their repayment rate is one hundred (100%) percent! Two new groups were funded this year (June 2016).
IGANGA WOMENS COOPERATIVE
During 2011, approximately seventy five women in the Iganga area were briefed on the micro loan program. The women organized themselves into seven associations and submitted micro loan applications. The loans were funded at the beginning of 2012 and the women immediately began to repay the loans.
KWAPA WOMEN’S GROUP
In addition to receiving a micro loan for farming in 2010, the Kwapa Women’s Group started a cell phone charging business with the donation of a solar recharging system. The women have received and repaid three loans.