Micro Lending Project
HUOOP™ is in the business of helping women help themselves. There are many situations which can be improved by the generosity of donor gifts. On the other hand there are many women who have the instinct and intrinsic ability to greatly improve the quality of life for themselves and their families if someone would just give them a hand up.
An interest-free loan is an effective tool for groups of women to achieve economic security which in turn allows for the education of children, the purchase of medicines, potable water and nutritious foods.
Using the well-established principles of the co-operative movement which has been proven for three hundred years, such women’s groups have a repayment record that most western bankers would find astounding. The reader may wonder why these women could not go to a bank and apply for a loan. In much of sub-Saharan Africa, females have limited or no property rights, neither inheritance rights nor the ability to own land. Thus they have no way to collateralize their loan request. Moreover, interest rates in East Africa are in the 13% to 16% range and almost usurious when granted to the poor.
A loan builds self-confidence and empowers individuals and groups. We have successfully lent for education, greenhouses, water harvesting systems, animals, feeds, fertilizers, brick manufacturing, and business start-ups.