Kavugho Masika Jacquis became aware that we were offering microfinancing loans for entrepreneurs in Butembo. She has developed a skill in crafting hats over the past two years, but needed capital to buy her materials. Her creative hats are targeted at youth who can identify with the colours or style. She is industrious and we want to support her. She intends to produce and sell 25 hats a week and to repay her loan over five months.
James Kataliko has agreed to accept small loan applications, screen them, and send translated applications to Canada for our final review. We continue to believe that the key requirement towards lifting Congo out of poverty is the encouragement of small businesses. This will require physical security (i.e. an end to violence and corruption), a healthy rule of law (needed to ensure confidence in contracts and investments), educational standards (at least basic literacy for all with a focus on job skills) and the availability of capital (so businesses can grow and employ people).
Many microfinance organizations operating in Africa have not yet moved into Congo primarily due to physical security concerns. James Kataliko and the Internet provides us with the ability to make direct access to needy entrepreneurs. There is a huge need for capital in Congo that is essential for economic growth and we’d like to do our small part by providing needed loans to worthy ventures.
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July 12, 2017 at 4:11 pm
Peter Gryphon
Michael,
A couple quick questions w.r.t. the Microfinance post [Kavugho Masika Jacquis].
What is the price of typical hats?
Assuming they are fairly cheap in Cdn dollar terms, would it be economical to ship a box of them to Canada? This would not be a rush. Two months from order to deliver in Canada would work.
Thanks,
Brad
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July 12, 2017 at 4:44 pm
Bens in Congo
Thanks for an encouraging question such as that! I will message them and find out. The real issue is shipping costs. Do you have a price target so they can determine if they can be in the ball park?
February 20, 2018 at 9:36 pm
Microfinancing Review – 2017 | Bens in Congo
[…] produces and sells colourful hats, as noted in an earlier blog post. This post was noticed by a reader in Canada who noticed that Kavugho was wearing a hat with the […]
July 14, 2019 at 2:09 pm
Entrepreneurs Are Needed! | Bens in Congo
[…] to small entrepreneurs. Our first three loans were all successfully repaid and the respective small businesses were advanced. Our latest loan was in support of a taxi service between Butembo and Goma, a route […]