Microfinancing is defined as a financial service for individuals or small businesses who lack the access to conventional banking and/or related services.
New Life Mission – Haiti, Inc. recently began working with people in our community of Charrier who own small businesses (ie. charcoal making, restaurant, small boutiques, etc). We have a small committee of members that discusses the reliability/ credibility of the participant. If they are approved, we provide them with a small business loans. Each participant signs a contract and provides a witness. So far our loans have ranged from about $500-1000 with a repayment period of 5-10 months with a 10% interest rate. All interest collected goes back into the microfinancing fund to be able to provide more people with loans.
As we move forward, we are researching into methods of how to grow our program into providing business education for our participants while at the same time, sharing the gospel of Jesus Christ. Click the link below to help us grow this program!