Friday, July 13, 2007
Seamstresses and hard-to-fund loans
A new seamstress loan recommendation (thanks Kay), Ana Ramirez Mosquea in the Dominican Rebublic. Ana is one of five microentrepreneurs in her Bank of Hope solidarity group, all of whom have gone through Esperanza's business training courses. Each of the five members will receive a share of this $975 loan for their respective businesses and will be accountable to each other for repaying their share of this loan together. This group-lending method strengthens social ties in the community and helps ensure that members cooperate to help one another repay their loans and invest wisely in their businesses and families. This money will go towards the next loan received by this Bank of Hope; once they finish paying back their current loan it will be activated.
I also made a loan to Shakir Islamov in Azerbaijan. Its a new loan and I"m the first lender, and I'm curious to see how long it will take to fund. These types of loans used to fund in about a week in Jan/Feb.