A31. Short-term loans to individuals employed at identified institutions
About the business
In November 2021, RISE Liberia Team embarked on a small loan initiative that benefited 7 individuals from identified institutions (both NGO and Governmental). The small loan initiative was a pilot scheme to ascertain if the need to expand would be prudent. However, 7 persons (5 from non-governmental organizations and 2 from government agencies) benefited from the small loan scheme.
We had to go through some written formality and agreement with the head and Accountant of each beneficiary institution that resulted to a timely payback of said loan with 10% interest directly to our bank account.
Each individual received the amount of 100USD with an agreement to be paid back with 10% interest for a period of 1 month. The total amount used for the small loan initiative was 500USD. This initiative lasted for only one month, from November to December 2021.
At the end of the loan period, we were successful in raising 70USD interest just between that period.
We think and strongly believe that we could expand our small loan initiative in Monrovia for the next 6 months, we could generate more interests.
We have been contacted by individuals who have their small businesses running to loan them up to 1000USD. We declined such request because we were testing our initiative and we hope in the future we could expand our initiative with different levels of loan payments (ranging from 100usd to 1000usd).
Finances
We were successful in raising 70USD
Output
In November 2021, RISE Liberia Team embarked on a small loan initiative that benefited 7 individuals from identified institutions (both NGO and Governmental). The small loan initiative was a pilot scheme to ascertain if the need to expand would be prudent. However, 7 persons (5 from non-governmental organizations and 2 from government agencies) benefited from the small loan scheme.
We had to go through some written formality and agreement with the head and Accountant of each beneficiary institution that resulted to a timely payback of said loan with 10% interest directly to our bank account.
Each individual received the amount of 100USD with an agreement to be paid back with 10% interest for a period of 1 month. The total amount used for the small loan initiative was 500USD. This initiative lasted for only one month, from November to December 2021.
Outcome
Each individual received the amount of 100USD with an agreement to be paid back with 10% interest for a period of 1 month. The total amount used for the small loan initiative was 500USD. This initiative lasted for only one month, from November to December 2021.
At the end of the loan period, we were successful in raising 70USD interest just between that period.
We think and strongly believe that we could expand our small loan initiative in Monrovia for the next 6 months, we could generate more interests.
We have been contacted by individuals who have their small businesses running to loan them up to 1000USD. We declined such request because we were testing our initiative and we hope in the future we could expand our initiative with different levels of loan payments (ranging from 100usd to 1000usd).