Micro Enterprise Revolving Loan Fund
In collaboration with Philippines Business for Social Progress (PBSP) and Center for Agriculture and Rural Development, Inc-Mutually Reinforcing Institutions (CARD-MRI), the Filipina Women’s Network will assist in the re-invigoration of grassroots enterprises, known as Sari Sari stores, through store reconstruction materials and tools, as well as ensuring reactivation of market supply chains for goods to flow. Many of the women’s husbands are fishermen and need to purchase boats and fish nets.
CARD-MRI requires $25,000 fund for the Micro Enterprise Revolving Loan Fund, and in support FWN has helped kick-start the project with a $10,000 grant launched February 28, 2014 in Tacloban City. See photos at http://photos.filipinawomensnetwork.org
The loan ranges about $200 to $300 per borrower depending on the business. In addition, business counselors will also be provided. The loan is payable from 6 to 12 months with an option for weekly or monthly payments, and the interest will be very low and affordable (1%—3%). All loan payments will flow back to the fund.
Tacloban City Women Survivors intently paying attention to the details of the Micro Finance Programs.
Sister Rose Ongcoy, Mother Superior of the Pauline Sisters Tacloban (left) with the Trainers of MRI CARD INC. who explained the Micro Finance Loan Application, Approval and Repayment Process to the Women of Tacloban with Marily Mondejar, Founder & CEO, Filipina Women's Network.