IDEA: A self-sustaining Lending platform/organization that gives out very low interest, zero-collateral micro-loans to the poorest people in Sub-Saharan Africa and other developing countries globally.
Summary:
Loans will range from $25 to $1000 and repayment durations will be from 1 month to 1 year
Loans are meant to be used by these poor people for things like:
Buying seeds and fertilizer during the planting season
Hiring seasonal labourers for their farms
Hiring artisans for their workshop
Buying goods to trade with in the market or in their shop
Buying tools for their workshops or artisanal vocations
Shop/store rent
Optional: There can also be special consideration for payment for the most critical health bills of the poorest people
Execution and Funding Requirement:
This will be a hybrid of a physical over-the-counter business with a handful of physical offices in different locations coupled with a global online platform where people can request for loans.
New borrowers will be vetted by partners in the field. New borrowers will get small loans at the onset and as they repay without default, they build up their credit rating which qualifies them for larger loans.
We will be happy to provide any more details on request. Any interested donor please DM me
Another idea from our EA Lab/Think-Tank:
IDEA: A self-sustaining Lending platform/organization that gives out very low interest, zero-collateral micro-loans to the poorest people in Sub-Saharan Africa and other developing countries globally.
Summary:
Loans will range from $25 to $1000 and repayment durations will be from 1 month to 1 year
Loans are meant to be used by these poor people for things like:
Buying seeds and fertilizer during the planting season
Hiring seasonal labourers for their farms
Hiring artisans for their workshop
Buying goods to trade with in the market or in their shop
Buying tools for their workshops or artisanal vocations
Shop/store rent
Optional: There can also be special consideration for payment for the most critical health bills of the poorest people
Execution and Funding Requirement:
This will be a hybrid of a physical over-the-counter business with a handful of physical offices in different locations coupled with a global online platform where people can request for loans.
New borrowers will be vetted by partners in the field. New borrowers will get small loans at the onset and as they repay without default, they build up their credit rating which qualifies them for larger loans.
We will be happy to provide any more details on request. Any interested donor please DM me