Welcome, 2017. We would like to introduce the New Year with an update we are very excited about, our new community group, the “Female Merchants”.
This originated from a gofundme project that we began back in October. You can click here to read the history and access the page. For a short overview, SolKomYo used the gofundme funds that were raised at the plight of a natural disaster in Haiti to reach the northern region that was seriously affected by floods.
SolKomYo began a lending program with 15 females that were severely affected by the floods. They had lost all of their income-generating activities because the floods damaged their assets. We chose to invest in females because they are often the ones to manage their family’s finances.
We gave each family a lump sum to rebuild their small business, and they will repay 2% of that amount every month. With these payments, SolKomYo began a savings group for the recipients, so the money they pay back will enter their personal savings.
We met with them on the 15th of January, and each recipient paid back the first amount. They all invested the money in a small trade to make income again and support their livelihoods. That is why we call them, the “Female Merchants”. With the savings group that SolKomYo has set up, they will also be able to build resiliency in the event of another natural disaster.
This project is an example of how a small investment into a family’s income-generating activity combined with a community financing program can be an effective way to support populations affected by natural disaster.