The Nyadire Connection maintains many ongoing programs:
In a country with 90% unemployment, there is limited opportunity for people to earn urgently needed funds. The hyperinflation experienced from 2006 - 2008 has wiped out any savings people might have accumulated. The concept of a micro-loan is to make a small amount of money available to people with financially viable business plans. Applications are submitted to the Nyadire Micro Loan Committee and if approved, the loan must then be repaid within 6 months. Loans are $500 or less.
The program was piloted in summer 2010 with two loans:
Both loans were successful, repaid on schedule, and the program has been expanded. As of January 2013, 18 loans totaling $7000 have been funded. The goal is to grow the program but only as procedures and performance are demonstrated. Contact Chuck Billerbeck.