VoDA salutes the emerging micro-finance programs for making small loans available to impoverished women and youth of Kenya who need working capital to start or expand a buisness.
Because collateral is difficult to secure and it is a mandotory requirement for a population largely denied property rights,traditional lending sourrces in Kenya have been unavailable to most of the women and youth who are in depserate need of these funds. Their creativity, buisness objectives and desires are mainly hindered by these obstacles.
VoDA enables the economically disenfranchised to leverage their initiative, accelerating the process of building incomes, assets and economic security. To be successful, the project must achieve excellent repayments and provide access to credit for clients.
At the same time building towards operating and financial self-sufficiency while expanding client reach. In order to do that, we endeavor to maintain our administrative costs low and also to broaden our resource base.
Our network of microenterprise groups is always very eager to have volunteers come work with them in Kenya. Volunteers in the MDP(Micro-enterprise development program) spend almost all of their time out in the field meeting with microenterprise groups on a daily basis.
They work on updating our progress assessment reports for each group, discussing their current project problems and needs, and taking a hands-on approach to learning and improving how each type of microenterprise is run. Volunteers can focus their time working in detail with just one or two groups or they can spend their time rotating around to many groups.
If volunteers are able to raise “extra” money before their trip, they can help start a new microenterprise project or help grow one of the existing projects that they have been meeting with during their time in Kenya.
The volunteer will be involved in buying the material, equipment, and tools in Kenya and will then personally handle the donation of this equipment to the women’s group, which is usually a very festive celebration ceremony organized by the women and the youth. The atmosphere of excitement, joy, and gratitude is incredibly moving during the start-up celebration.
The women are so grateful for the donations, which now enable them to take charge of their future and help provide for their families.
What is the purpose of this program?
The alternative models pioneered by the VoDA team represent a major breakthrough for millions of women and the youth who survive on less than a $2 dollars a day.
Our innovative women and youth group bank and other collateral free financing have consistently experieced repayment rates of more than 98% far above the average repayment rates experienced by most commercial lending institutions.
VoDA micro-enterprise development program is developed to address the capital and capacity constraints currently limiting growth in the microfinance programs
Since the founding of VoDA in 2009,we have envisioned women and the youth coming together to create a more inclusive world economy where everyone has an opportunity to succeed.To accomplish this,VoDA has setup special loan programs for women and the youth.
Access to buisness loans is helping to:
To help alleviate poverty and empower women through financial independence by raising awareness of and support for micro-enterprise development.
The goals of the program is to support the development of the micro-finance program so it can access capital markets for loan funds,significantly expanding the number of women it can serve.
We will accomplish our goal by providing buisness,financial and management assistance to micro-finance organizations that want to become commercially viable.
The program will be implement in the following ways