nce a year we organize our Microfinance (MF) retreat, an excellent opportunity to spend time with our associates and invest in their development, both from a physical and spiritual perspective. This time we wanted to share about how to bring order into our lives, and we invited two well-known community leaders.
This post comes in the form of a letter from one of our associates. We hope you will enjoy the testimony of one of the women Microfinance (MF) serves.
Small businesses like this are run on a cash basis and stock is built and bought daily, which is a burden for the profitability of the business.
Recently we funded Margo with a small loan so she could buy wholesale, build stock in advance, benefit from lower prices and reduce transportation costs. We expect this strategy to have a positive impact in the long-term strength of the business.
Running against the current is in the DNA of Microfinance (MF): while commercial banks have fancy buildings, we only have a laptop and point-of-sale printer; in the finance industry, customers go to the Banks, at MF we go to our associate’s rural communities; commercial banks typically loan to men, while in MF 98% of our associates are women;
In Microfinance (MF) we take our faith seriously: Jesus is the one who inspire us to leave the comfort of our countries, to invest in those that the rest of the world simply forgot.
Here in Microfinance (MF) we believe that the very simple act of putting apart a fixed percentage of your income (ie saving) can make the difference between having good financial health or otherwise having “debtitis” (ie a well known disease, quite common around the world, that shows up when you need to use a significant part of your income to pay back debt).
During these years the business grown and consolidated. With the aim of reaching more clients they decided to move the business from the rural community of Buenos Aires to downtown Jarabacoa. Today they are serving some of the biggest clients in the city, including several public schools.
This summer has been also a time to invest in our associate’s businesses from a different optic: launching the Microfinance Store, our particular business-lab where our associates can test if their products may be successful in the market.