Of the first 20 women from the first round in 2015, nearly 90% of the total loans awarded have so far been repaid. For this reason, we regard the project to have been extremely successful and will provide another 30 mothers with microcredits in October.
Startup-Financing for Mothers
In September 2015 Adigrat Vision started a project for the mothers of children from our kindergarten. By means of a microcredit system these mothers will have a chance to build financial independence for themselves. The project is running in conjunction with the city of Addis and with support from the Department of Social Affairs and Women's Affairs.
After the formal application and submission of a business idea the 20 mothers selected received training on the subject of "Implementing a Business Idea." At the end they compiled a mini business plan. Only then did they receive the agreed microcredit as a start-up payment. In the meantime all of the mothers have started. Going forward they will be supported by Mihret and our Country Director. The business ideas range from cattle breeding (sheep, goats, chickens), to the production and sale of the national dish "Enjera" and to the sale of Tupperware. The loan carries a 5% interest fee and is to be paid back within 2 years. Once repaid the money will be used to bring fresh mothers into the program.