The AWE women in six villages of Omoro District have formed about 30 Savings and Loan Circles (S&L), each with 12 to 25 members. These circles provide a safe place to save small amounts of money and offer access to capital for small business ventures. Members meet weekly to decide on loan allocations, encourage timely repayments, and discuss how to handle challenges related to their businesses.
The S&Ls are under-capitalized, with an average of only $100 available for loans. Members contribute small amounts weekly, often as little as ten or twenty cents. The interest charged on loans is set at 5%, far below the commercial rates that can reach as high as 20%.
In January 2023, the women of the Portland (OR) Yacht Club donated $1,500 to one of the most active S&L groups. This donation was used to purchase improved seeds after significant losses caused by unpredictable weather in the previous season. The group invested the funds in expanding farmland, increasing agricultural production, and addressing essential needs such as paying school fees. The loan funds have been circulated multiple times, with borrowers repaying promptly, enabling more members to benefit.
The remaining S&L groups across the other villages still lack sufficient capital to replicate these outcomes. Expanding support to these groups would allow them to engage in similar activities, helping them improve their businesses, increase production, and meet critical community needs.
If you would like to support these efforts, please donate on this website. Your contribution will help provide the much-needed capital for Savings and Loan Circles, creating opportunities for growth and resilience among these communities.