We are borrowing an idea that was originated
by the founder of Ebay, Pierre Omidyar, and carried forward by the Grameen Bank in
India, that of offering small loans in what is called "micro-financing"
to people who otherwise could not obtain the most valuable assist in starting a
new or expanding an existing small business, CREDIT. This
idea was originally intended to be implemented after the death of our Founder
administrative time and/or the funds would not be available until then. However,
should this Foundation obtain sufficient volunteers now who can carry the workload until
the Founder dies, he has promised initial funding even prior to his death.
[[[Note as of 10/17/07 - some volunteers have stepped forward and we are
progressing with early attempts to move this program along. However, we will
still need local organizations to serve as "holders and administrators of
the loan pools" (which we will fund) for this to continue.]]]
as of 2/20/10 - although we spent countless time (many weeks) obtaining and training
volunteers, we finally gave up on this --- although we came so close to making
this happen, in the end, this turned out to be our biggest failure and biggest
disappointment. However, after the founder's death, he has no objection to
the then current Trustees reinvigorating this project and starting a very needed
"loans to local women" project once again.]]] [[[Note as of
4/16/10-it has come to my attention that a group MAY BE offering no- or
low-interest loans here in SMA - the contact information is currently
"Contact Ezequiel Mojica. He does good work with small loans. Apoyo's web
page is: www.apoyoemprendedores.weebly.
[[[[ March 21 2012 Be sure that you read and understand and consider the implications for your organization of the new fact that we are going to dissolve this Foundation a short time after the Founder's death, whether or not you have met all of our requirements WELL BEFORE his death. Your share of the endowment will be decided by him before he dies AND it will be based upon your cumulative input year after year. You have been provided guidance on this in the table at the top of subsequent changes -- However, the idea of the Loans to Woman is still one that the Foundation, even in terminated form, believes in. We would hope that one of our grantees - preferably Mujares en Cambio, but any other one would be acceptable - just pick up the reins and use whatever you find on this web-site - see links at the top of this page, too - and do what you can to help the women of this town obtain credit, such a huge help in starting any business. Obviously, the following paragraph, written prior to the "dissolution of this Foundation" decision, is now somewhat changed but the principles still apply.]]]]
Some time after the Founder's Trust enables this Foundation to obtain all of its promised endowment (which will be something in excess of us$3,200,000), the Founder would like the Foundation's Trustees to implement all of the following, presented below in current sketched-out form:
It should be revealed here that we made an attempt to start the Loans to Women project in late 2007. We got sufficient volunteers and other people interested in the project and moved ahead with it. We found a stumbling block at the point of needing a usually unmanned "desk" at some permanent public location where we could tell applicants to leave (or received) messages or reports, and also to apply for (and later repay) their loans. This was a place where we also intended to give periodic lectures and answer questions on how to run a business. We had interest from DIF but no follow-up from them. We asked for but received no help from the Biblioteca, Mujeres en Cambio, and other obvious organizations. The results of our planning of the processes and procedures, "ready to roll" on this, are still available on this web-site (see LINKS at top and left side of this page). [[Note as of 12/10/10-it has come to my attention that our idea of having a central meeting place probably would not work. The women in question can not travel into town as easily as I expected. We would have to arrange to have small groups convene in the campos and use these groups for both collections and training and answering their questions.
Although I can't substantiate this, I think we had opposition from locals who, themselves, provided loans at much higher (possibly 20% to 50% or even higher) interest rates and did not wish our lower rate competition. A thought occurs to me here, though. We might wish to contact the local banks (who certainly would not be upset at our low principal loans, with the thought that the banks would later prosper if and when the successful businesses that we financed could demonstrated their successes and later become larger principal borrowers themselves, not to forget that the entire town prospers economically by the success of the women who succeed and the bank, again, prospers as a result).
Some links to other web-sites that may prove to have useful information: