What solution(s) does your initiative address to help emerging entrepreneurs and small businesses grow and thrive in underserved communities? (select all applicable)
Access to financing, Access to technology, Access to economic opportunity.
What has been the impact of your solution to date?
What is your projected impact over the next 1-3 years?
All borrowers will open personal savings accounts with a local bank and must contribute at least 5000frscfa per week; however, many borrowers will deposit significantly more than this required minimum. However we intend to work with other local banks to establish savings accounts that are interest bearing, without fees, and without a minimum balance. In addition to this personal savings account, all borrowers receive an ATM card
What barriers might hinder the success of your project? How do you plan to overcome them?
Risk of delinquent loans and in the event of death of of a member.
We shall mitigate that through insurance
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
Grass root education campaigns
Now think bigger! Identify your 12-month impact milestone
Increase in number of branches and profit levels leading to increased dividend