Since October 2011, Rotary clubs across the UK have been raising funds to make small loans to entrepreneurs in developing countries, enabling them to start or expand their small businesses and work their way out of poverty, feed their families and send their children to school.
More than £1 million has now been lent by Rotary to farmers, tailors, market stallholders and food producers to name just a few of the types of businesses Rotary have helped in 11 countries across Africa, Asia and South America.
Through LWC Alresford Rotary lends normally £30 to fund a small business with a short repayment goal of 4-6 months. Once repaid we can recycle the loan to support more low-income entrepreneurs, make a donation or withdraw our funds. Usually, we recycle but on occasions we make donations to LWC to support its provision of the lender portal. The repayment default rate is very low – approx. 1% in number and 0.7% in value.
In July Alresford Rotary became the first club in Rotary Wessex (66 clubs) to make 1000 loans. Over £29,000 has been lent and 7211 entrepreneurs have been helped. The 1000th loan was made to a credit group of five married women in Malawi who, together, support 22 dependant children and run a range of small businesses including selling vegetables, fish, snacks and clothes as well as running restaurants and grocery shops.
Their businesses enable them to provide for their families daily needs and support the children’s needs. This has only been possible by your supporting Alresford Rotary – Thank you!
Alresford Rotary Club raised their share of the funds through local fundraising events.
Video with Deborah Meaden, LendWithCare Ambassador
Club project leader, David Marshall said “Alresford Rotary Club are proud to be a part of this fantastic initiative. Lendwithcare is a great way to help people out of poverty. You see exactly who the money is going to, and what they will use it for.”
“The entrepreneur uses the funds to help them to earn a living, often employing family members and neighbours as well, helping to lift their communities out of poverty. They pay the loans back, which can be re-lent to person after person.”
David continued: “Alresford Rotary Club has a proud history of fundraising for charitable causes through community events, and Lendwithcare is a fantastic cause very popular with our members.”
“Local people have given generously and it’s testament to their generosity that we’ve managed to reach an incredible £1 million. And that money will keep being re-lent and re-lent, translating into many millions of pounds worth of loans over the coming years.”
Head of Lendwithcare, Tracey Horner, added: “Through Lendwithcare, Rotary have helped change the lives of more than 5,000 entrepreneurs around the world so far.
