More women receive micro loans

Monday and Tuesday saw more women in the GA West Municipal area benefiting from VPWA Microfinance scheme. This brings to total 24, the number of women who has receive money from VPWA to expand their micro enterprises within the last one month.

Our two new volunteers (Noah and Kayla) witnessed their first experience of the loan process and subsequent handing over of cash to empower an economically disadvantage member of a community.

VPWA Microfinance vision is to be able to reach over 1000 women in the next two years empowering them with various microfinance products that shall propel the economic freedom of beneficiaries and improve their overall wellbeing and stature in society.

The challenge now for the Scheme is to be able to raise the capital to reach set targets. VPWA Microfinance will reach out to social investors and the donor community to join us in alleviating rural and urban poverty in GA West of Ghana.

Repayment starts, Charles Out, Noah and Kayla In

The past two weeks has seen repayment of our micro loans to the beneficiary women. All the women after undergoing the training process, orientation and finally, issuance of their requested loan amount, VPWA offered them two weeks period to work with the money and start paying us back in the third week.

Their repayment plus flat interest rate has been spread out within a four months period.

It is gratifying to note that, some of the women are paying more than they are suppose to pay back weekly. What this means is that, they are making good returns from investing with our money and thus, they do want to complete repayment as quickly as possible to qualify them for another round of loans.

We do hope that, as they progress with their business, they should be able to save as much as possible and reinvest their profit so they don't come to us for loans and we can help other women in the community too.

So far so good.!

On Monday, our volunteer Charles, who has been handling affairs in the office mostly for the past two months will leave for England and he will be replaced by Noah, also from California , USA. Noah will take over roles of Charles.

Kayla also from Illinois- USA will also starts working with VPWA micro finance beneficiary women from Monday. She will be helping them with book keeping and practical financial management skills for the next one month.

All 16 women receive their loans.

Monday and Tuesday saw the Group C and Group D from the FOMWAG women group receiving their loans from VPWA Microfinance.

Picture shows VPWA Director in pose with Group C members.

They are expected to invest their loan money in their micro enterprises and increase their income so as to pull them above the poverty line.

We wish them their best and hope to share with you their success story from their loans in the next few months when we shall start an impact assessment.

Medase!!!!

Pictures from VPWA centre

Another round of loans on last Thursday

Last Thursday saw the granting of loans to another group of 4 women from Amasaman. Each of the women was involved in different businesses. One is a tomatoes seller. Extreme left in the picture, followed by a Shea butter seller.

On the far right, she deals in food stuffs while the other woman is involve in plastic trading.

They are expected to complete their repayment within the next four months through weekly contribution.

On successful repayment of total loan amount

and interest rate, the beneficiaries will be qualified for an increased amount of loan.

In December, a VPWA volunteer recruited from United States will arrive to do an impact assessment of the loans so we can measure the impact of our micro loans in the businesses and families of the beneficiaries.

I will feed you back with what happens on Monday as we expect to give another round of loans to more women.

Group A gets their loans

Today saw the first group of 4 women receiving their micro loans. Before giving out each of the approved amount of money, I had to explain to them that, we had critically examined each person’s business and some of them will not be receiving their stated amount requested. All the

women had applied for 100 GHC which is the maximum we are able to give out now.

3 women were deemed qualified to inject 100 cedis in their business with our micro loans and could be able to fulfil their weekly repayment of 7.20 cedis without difficulties and one other received 70 cedis. She is directed to repay at 5 cedi weekly.

I called each individual to tell them of their approval amount. One after the other, their faces

were full of smiles and they hurriedly thumb printed the document that acknowledges their receipt of funding from VPWA.

They were full of praises to VPWA for making their dream come true. Some of them had never had the opportunity of receiving a loan in their life and were happy that we have come to set our self in this community to help them.

This project has reached this far through the overwhelming commitment of volunteers from around the world that has work on different bit of this project to make it reach this stage. We also appreciates the continuous engagement of some of these volunteers even as they are back in their home countries and continue to offer their support for the growth of this project to benefit more women.

Visit to beneficiary micro enterprises

Today, the team from VPWA Microfinance visited the businesses of the group of 16 women we hope to benefit from our maiden micro loan scheme to support them expand their micro enterprises.

It was refreshing to note that, the women are actually trying their very best to lift themselves out of poverty and it gave the team confidence that, our little support will help make a remarkable impact in their lives.

On Monday, the team will decide on amount of money to give to each of the women and then we shall contact the group leaders to inform their members on schedule date for them to receive their loans.

We have few issues with our prototype software and the Volunteer who designed it is base in America. She has been informed of some of the problems and is working on fixing it all. We should get the software on our system within the next 2 weeks. All other measures and documents are fully organized for disbursement to begin. Funds to kick start the project which was initially 1000 GHC will be exceeded by 100%.

It is base on wisdom and business analysis of our beneficiaries and we are every confident that, these women will be able to repay back the money for us to increase their second round of loans.

We have also identified some women who will need support under our Women Empowerment Initiative where volunteers will be assigned to work directly with the women to support them in their business by contributing their skills and time to help them sell their products.

We have about 98% of our borrowers not been able to read and write. We shall also in due time organize a stream of volunteers both from within the community and overseas and organize an adult literacy project. Our acclaimed finiteracy (financial literacy) will compliment to help the women to be the best they could in their micro enterprises.

I hope to post some pictures soon from our Microfinance office and some of our beneficiaries.

Interviews and Profile Recording

Yesterday saw the Group A of FOMWAG Women attending to our office for the profile information on their social and economic circumstance to be taken so as to evaluate their potential to repay back the loans. Today, Group B, also comprising 4 women within FOMWAG also had their profile information recorded.

It has been interesting so far as each woman seem to present quite a solid plan. We have also notice that, our initial micro loan to the women seem not to be sufficient to really make a lot of impact though the women appreciate the little we are able to give them to cushion their businesses. None of the women has so far asked for 50 cedis or even 100 cedis. When we ask them how much they seek as loan, they all mention 200 cedis. One woman today mentioned 1000 cedis and gave us a detailed plan of how she was going to utilise the funding. Her story what quite inspiring as she has been able to sell Shea butter for over 30 years, using proceeds of same to take care of her two children with two of them currently in Senior High School.

VPWA microfinance scheme is giving out loan amount of 50-100 cedis but with the eight profiles taking so far, we might end up having to give 100 cedis upfront to each of the successful applicants.

Wednesday will see to the interview of Group C, and Group D shall also have their interview on Thursday.

On Friday and next week Monday, we are visiting the businesses and residence of the women where we shall officially inform them of their approved loan facilities.

We will then schedule a date for them to come to our office to collect their loan amounts.

Instalments repayments of loans start after 14 days on receipt of loan.

Stay tune for more update from VPWA Microfinance unit as we empower women of GA West Against poverty so as to meet the MDG’s goal 1 of reducing extreme poverty.

Orientation Closes for first 16 beneficiaries

Today mark the final series of orientation that has characterize the process to help our first group of loan applicants who hope to utilize their loans for to expand or start micro enterprises so as to help them actively participate in local economy and make enough money to fulfill their propose repayment plans with VPWA.

VPWA opened it operations at it Amasaman office as a Micro finance unit to help section of the population that has lost hope in their quest for financial freedom in the area.

The 16 women comprising the first line of beneficiaries has been divided in to group of four with each 4 members selecting one member as group leader. The Group leader shall guarantee for all group members and the leader of the association of 16 women serves as the witness. If a member fails to repay, the onus lies on the other members to pay for the delinquent member or they will not be qualified for any loans from our outfit.

Next week, each group has been scheduled to come to our office for detailed data capture.

We are hoping to process and approve their loans in the subsequent week so they can buy their stock for Christmas.

It must be noted that, VPWA has had to turn down over 50 credible potential beneficiaries of our scheme in this community in just two weeks. VPWA do not have enough funding to satisfy all potential applicants and thereby lessen their poverty. We are therefore operating with the first women group that approached us for the facility.

Funding for VPWA Micro finance project is from the personal contribution of VPWA Executive Director, Mr Hayford Siaw.