Our monthly support of CARE International’s Lend With Care programme continued in April with two more small loans given. This month we’ve supported loans to a farming collective in Rwanda, and a new school in Zimbabwe, taking the total number of loans we’ve given up to 28 since we began supporting the scheme in 2016.
We provided support to two more micro-finance loans in April. The first was £126.88 towards a loan of £2,636.88 for Care Group Dufatanye, a Voluntary Savings and Loan Association (VSLA) that was started by Care Rwanda in 2012. It has 30 members: 21 women and 9 men. The group members carry out different agricultural business activities, such as production and selling. With the agricultural season getting close, they applied for this loan in order to buy seeds and fertilizers; it is expected to be repaid over 8 months.
Voluntary Savings and Loans Associations are groups are formed by communities that begin by pooling members’ savings and using these savings to make loans to individual members. These groups are a critical first step towards financial inclusion, but as groups mature, they may seek larger loans and investment than the group can provide. By investing in the Care Group Dufatanye, we are supporting their next step into financial inclusion.
Our second loan was £30 towards £1,560.28 requested by Rose Shumba, a school principal and owner from Zimbabwe. Rose is the principal and owner of a registered pre-school called Rogasha kindergarten. Her pre-school is located in a very busy suburb of Glen View 8 in Harare. The pre-school currently has a total of 146 enrolled students. Rose has employed very caring and dedicated teachers. She has a total of 6 teachers at the school. Rose has 2 commuter omni-buses which ferry pupils back and forth from school premises to their places of residence.
At full capacity the premises of Rogasha can accommodate 200 pupils. Rose has applied for a loan to buy a licence to become an independent and fully functioning primary school from the ministry of primary and secondary education. Once she has been awarded that licence she is planning on relocating her school to a bigger location.