What is Microfinance?
According to investopedia.com, microfinance is a service that allows unemployed or low-income individuals or groups “an opportunity to become self-sufficient by providing a means of saving money, borrowing money and insurance.” Billions of people are living without access to the financial services that many of us take for granted. Through microfinance, we can provide those services that are not otherwise offered to the men and women of developing areas. This service allows people like us to make an impact on others around the world by providing the means necessary to live a more comfortable life.
We often use the saying: “Give a man to fish, and you feed him for a day. Teach a man to fish, and you feed him for his lifetime.” This is the sort of impact we have the opportunity to provide through microfinance.
What does the club do?
Occidental Microfinance Club aims to help people around the world as they work toward creating a more sustainable income. As a club, we raise money to invest in these self-starters as they work toward being profitably self-employed. We use kiva.org to find borrowers around the world in need of our support. As a club, we have lent over $2,300 to over 60 borrowers and we are excited to add to these statistics as we grow as a club.
We have supported borrowers in:
Armenia, Azerbaijan, Bolivia, Cambodia, Colombia, Ecuador, El Salvador, Georgia, Ghana, Haiti, Honduras, Iraq, Kenya, Lebanon, Mexico, Mongolia, Mozambique, Nicaragua, Palestine, Paraguay, Peru, Philippines, Rwanda, Sierra Leone, Tajikistan, Timor-Leste, Uganda, Vietnam, Zimbabwe