Microloan Foundation
Encyclopedia
The Microloan Foundation (MicroLoan) is a UK-based microfinance
charity making small business loans to women in Malawi
and Zambia
in Southern Africa. To date, MicroLoan has provided over 34,000 loans to some 15,000 clients.
, MicroLoan is now run from London by a management team of five and an active board of trustees who give their time on a voluntary basis.
The organisation has grown considerably since opening its first office in a garage in Malawi: it now has 15 offices and 52 Loan Managers in Malawi, lending to over 680 women’s groups. MicroLoan has a current repayment rate of 98%, meaning that once repaid, the money can be recycled into providing new business loans for the rural poor.
MicroLoan is also active in the Philippines
where it supports the activities of the Philippines Self-Help Foundation.
, KBE, the Bishop of Kensington
and TV presenter Gabby Logan
. Bob Geldof says microfinance is “such an obvious and important concept, it beggars belief it was not conceived of earlier.”
Microfinance
Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers and the self-employed, who traditionally lack access to banking and related services....
charity making small business loans to women in Malawi
Malawi
The Republic of Malawi is a landlocked country in southeast Africa that was formerly known as Nyasaland. It is bordered by Zambia to the northwest, Tanzania to the northeast, and Mozambique on the east, south and west. The country is separated from Tanzania and Mozambique by Lake Malawi. Its size...
and Zambia
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
in Southern Africa. To date, MicroLoan has provided over 34,000 loans to some 15,000 clients.
History of MicroLoan
Founded in 2002 by Peter RyanPeter Ryan
Peter Ryan may refer to:*Peter Ryan , Formula One race driver from Canada*Peter Ryan , Commissioner of the New South Wales Police from 1996 until 2002...
, MicroLoan is now run from London by a management team of five and an active board of trustees who give their time on a voluntary basis.
The organisation has grown considerably since opening its first office in a garage in Malawi: it now has 15 offices and 52 Loan Managers in Malawi, lending to over 680 women’s groups. MicroLoan has a current repayment rate of 98%, meaning that once repaid, the money can be recycled into providing new business loans for the rural poor.
MicroLoan is also active in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
where it supports the activities of the Philippines Self-Help Foundation.
Patrons
MicroLoan's patrons are Bob GeldofBob Geldof
Robert Frederick Zenon "Bob" Geldof, KBE is an Irish singer, songwriter, author, occasional actor and political activist. He rose to prominence as the lead singer of the Irish rock band The Boomtown Rats in the late 1970s and early 1980s alongside the punk rock movement. The band had hits with his...
, KBE, the Bishop of Kensington
Bishop of Kensington
The Bishop of Kensington is an episcopal title used by a suffragan bishop of the Church of England Diocese of London, in the Province of Canterbury, England...
and TV presenter Gabby Logan
Gabby Logan
Gabby Logan is a television presenter and radio presenter, as well as a former Wales international gymnast. She currently hosts programmes for BBC Sport, mainly focusing on football.- Early life :...
. Bob Geldof says microfinance is “such an obvious and important concept, it beggars belief it was not conceived of earlier.”