Tweet

Fonkoze - Educating Individuals to Become Self Sustaining

Guest post by: Grameen Foundation

Article Overview: Fonkoze, Haiti’s largest microfinance institution, is another good example of integrating microfinance with other services such as medical treatment, remittances, empowerment, insurance against risk and natural disasters, health insurance, and in particular, education to help improve clients’ situations and contribute to the overall economy.

Fonkoze - Educating Individuals to Become Self Sustaining

Fonkoze, Haiti’s largest microfinance institution, is another good example of integrating
microfinance with other services such as medical treatment, remittances, empowerment,
insurance against risk and natural disasters, health insurance, and in particular, education to help
improve clients’ situations and contribute to the overall economy. Fonkoze was founded by
Father Joseph Philippe in 1994, when Haiti was in the midst of struggling for freedom and
equality, with the goal of providing Haitians with the means to develop themselves economically.
As a result, the foundation devoted itself to delivering microfinance and related educational
services to the most economically disadvantaged of Haiti—mostly women.
The organization believes that education is the cornerstone of economic democracy.
Since 52 percent of the Haitian population and over 60 percent of Fonkoze’s clients are illiterate,
Fonkoze offers literacy and educational programs in their 250 literacy centers throughout Haiti.
Their programs consist of four modules: two on reading and writing, one on business skills, and
one on sexual and reproductive health issues. Fonkoze is working on developing new additional
programs to focus on human rights and environmental protection. By March 2005, Fonkoze had
trained 22,000 individuals to read and write.22 These education programs, coupled with the many
microfinance products that Fonkoze offers, we believe will provide clients with more knowledge,
confidence, and tools to help them overcome all dimensions of the poverty that affects them.

Microfinance: A Platform for Social Change
by Marge Magner
March 2007
Grameen Foundation

Related Articles
  Achieving Financial Stability
  Enhancing Microfinance Efficacy through Integrated Services
  Improving Microfinance as an Anti-Poverty Tool
  8.0 The Entrepreneurial Firm: Entrepreneurs and entrepreneurship in Africa
  Conclusion - Microfinance: A Platform for Social Change

Article Tags: business skills, economic democracy, education programs, educational programs, educational services, environmental protection, fonkoze, freedom and equality, grameen foundation, haitian population, haitians, health insurance, literacy centers, marge magner, medical treatment, microfinance, natural disasters, remittances, reproductive health issues, sexual and reproductive health



Related Forum Posts
Re: How do you earn trust with an online business? - Add VALUE to your target market. How? Well depends. If your business can start by Educating the target market about how your product or Service can add value to their lives. This can be done via Video (hot right now), basic text, audio etc. I've had a lot of success with Video and am using it primarily as a lead generation tool. If done right your Content can add Value and add to your bottom line at the same time while building Trust.
Micro Loans - That's interesting Russell. The following is more information on Micro Loans and anyone within the USA who would like a list of Micro Loan Lenders (listed by State) I have that information! Just let me know and i'll get it out to you in my spare time. The Microloan Program provides very small loans to start-up, newly established, or growing small business concerns. Under this program, SBA makes funds available to nonprofit community based lenders (intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. The average loan size is about $13,000. Applications are submitted to the local intermediary and all credit decisions are made on the local level. Terms, Interest Rates, and Fees: The maximum term allowed for a microloan is six years. However, loan terms vary according to the size of the loan, the planned use of funds, the requirements of the intermediary lender, and the needs of the small business borrower. The maximum loan amount is $35,000, however, the average loan amount is around $13,000. Interest rates vary, depending upon the intermediary lender and costs to the intermediary from the U.S. Treasury. Generally these rates will be between 8 eight percent and thirteen percent. Collateral Each intermediary lender has its own lending and credit requirements. However, business owners contemplating application for a microloan should be aware that intermediaries will generally require some type of collateral, and the personal guarantee of the business owner. Technical Assistance Each intermediary is required to provide business based training and technical assistance to its microborrowers. Individuals and small businesses applying for microloan financing may be required to fulfill training and/or planning requirements before a loan application is considered. How to Apply: Small businesses that are interested in applying for a microloan should contact a microlender in their area.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

The Biggest Domain Name Myth

LEARNING TO HAVE FUN – EVERYDAY!

Building a Business From 30,000 Feet

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.