Adelante Foundation Microfinance
Honduras
Project Stage:
Established
Budget:
$500,000 - $1 million
- Community development
- Income generation
- Poverty alleviation
- Rural development
- Vulnerable populations
- Microfinance
- Women's issues
Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.
Aida Zulema is an example of one Adelante client who has seen a dramatic increase in economic opportunities since taking out her first loan five years ago. Although her children are older, she is now responsible for raising two grandchildren as her own children and is also partially responsible for three more.
With the help of Adelante, Aida began her own convenience store after selling lottery tickets in local communities for more than 25 years. Although she continues to travel to sell lottery tickets on the weekends, she is grateful that she and her husband have a steadier source of income with the grocery store. Her husband helps her with the store and also grows his a couple local crops to feed his family.
Her first loan was for about $26.00 and her eleventh, most current loan is for about $633.00. The growth that Aida has experienced demonstrates that many women only require very small loan amounts in order to get started on a successful business venture and expand the economic opportunities for their family.
Aida’s story is only one from the over 6,000 clients Adelante currently serves and 54,983 clients since beginning in 2000. Like many of our other clients, Aida hopes to pursue a Home Improvement Loan in the future. This product was launched last year and is designed for clients who have been with us for at least 3 loan cycles and have demonstrated their ability to make payments on time, regularly attend their bi-monthly assembly meetings and invest diligently in their businesses. These loans are taken simultaneously with their solidarity group loans, allowing them to maintain their place within their group, continue to invest in their business and receive business education.
Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?
Adelante's competition includes 23 other microfinance institutions that operate within Honduras. We take pride in maintaining our focus on poor rural women, who have less access to economic advancement than others in Honduras.
Due to our own commitment to maintaining our mission, Adelante considers it to be a disadvantage to us and to all microfinance institutions when one institution operates irresponsibly. This behavior reduces the confidence that we have built in our own clients and the overall perception of microfinance around the world.