endPoverty: Support entrepreneurs through microcredits
SEATTLE, Washington – endPoverty is an organization that aims to help grow thousands of small businesses by providing microloans. By maintaining its organizational values, the non-profit organization strives to help small businesses learn more about economic development and sustainability. endPoverty also works with local partners to provide support on the ground. Since its inception, the organization has provided more than $ 25 million to small businesses in 37 countries. The Borgen Project interviewed endPoverty Communications Coordinator Kagwe Maina on how endPoverty supports entrepreneurs through microloans in Uganda, Cameroon, Zambia, India, Bangladesh, Guatemala and the Philippines.
The goal of ending poverty
While the first United Nations Sustainable Development Goal 2030 hopes to end poverty, many organizations have engaged in microfinance loans to help communities stay employed during COVID-19. Currently, nearly 736 million people live on less than $ 1.90 a day. endPoverty wants to focus on providing jobs for thousands of unemployed people during COVID-19. The first step of the endPoverty initiative involves endPoverty and its partners talking to aspiring entrepreneurs before setting up microloans or business training. In the interview, Maina told the Borgen Project that endPoverty has “a portfolio of around 409,000 entrepreneurs across these countries” because the organization builds “on these foundations.[s]organizations to be able to provide support âfor entrepreneurs.
endPoverty and partner organizations
As the organization strongly encourages entrepreneurship with the support of local resources, endPoverty wants to encourage people living below the poverty line to work for a sustainable living through employment and entrepreneurship. The organization engages with eight nonprofit representatives in countries ranging from Bangladesh, Cameroon, the Philippines, Guatemala, Uganda, India and Zambia. Each of the 10 indigenous organizations in the endPoverty Implementing Partners (IP) network helps manage microcredit, mentoring or coaching programs for budding entrepreneurs with lessons from experienced professionals.
Maina explained to The Borgen Project that endPoverty has launched a HARVEST program with the Christian Service Society (CSS) in Bangladesh focusing on empowering women and supporting “86,580 additional entrepreneurs in five years” by providing assessments to women entrepreneurs approximately every six months. . In addition, endPoverty partners with organizations ranging from Christian Action for Empowering Church and Community (CAFECC) in Uganda to the Christian Empowerment Microfinance organization in Zambia to work with leaders and entrepreneurs.
EndPoverty’s COVID-19 response
According to Maina, endPoverty has raised more than “$ 600,000 for COVID-19 response” to “save 1,200 jobs” that “will support 6,000 family members” with nearly 180,000 loans distributed during COVID-19 . Maina described how loan repayment rates fell to 0% in April 2020 before reverting to 65-70% repayment rates in August 2020 after 100,000 loans were distributed.
In addition to providing microcredits, endPoverty has partnered with CSS Bangladesh to “distribute food and hygiene packages to approximately 15,000 families” in Bangladesh, Uganda, Zambia, Cameroon, India and Guatemala during COVID-19 . In addition, endPoverty was also able to redistribute more than 4,200 masks donated by Creekside Church in California for endPoverty programs in Guatemala, Cameroon, Zambia and the Philippines.
Kua Ventures and end poverty
In the first three months of the pandemic, 1.7 million Kenyans lost their jobs. To address this issue, Kua Ventures was launched in 2020 to encourage coaching and microcredit provision to Kenyan faith-based entrepreneurs. One of the three main roles of Kua Ventures is to invest between $ 10,000 and $ 100,000 in Kenyan companies with indicative turnover of $ 100,000 to $ 500,000 in order to amplify their impact. Kua Ventures helps provide experienced entrepreneurs with support and a search for an organizational partner that creates lasting change, such as supporting entrepreneurs through microloans.
A Kua Ventures initiative provides a donation of $ 5,000, which can help provide mentoring to entrepreneurs through business leaders, team development and other initiatives for one year. Faith is at the heart of endPoverty and Kua Ventures, as both organizations want to help faith-based entrepreneurs make an impact on surrounding communities.
The organization raised $ 91,458.53 of a goal of $ 220,000 in June 2021. Maina explained how Kua Ventures hopes to expand from small businesses to large businesses by investing “our time, expertise and capital” in businesses. established which have “shown revenues greater than three years” as a support strategy for entrepreneurs.
On November 12, 2020, endPoverty Executive Director Peter Fry spoke with Faith Collides to talk about the âGood Samaritan Fundâ. It has the potential to help small businesses and surrounding communities receive needed funding during COVID-19 in countries ranging from Guatemala to Bangladesh.
A look to the future
Despite the challenges of COVID-19, endPoverty is making sure that every $ 1 loaned to entrepreneurs translates into a value of $ 13. With Kenya’s unemployment rate rising from 2.6% in 2019 to 2.98% in 2020, endPoverty hopes to increase employment rates among several demographic groups and expand business lending strategies to other countries. New and established businesses have remained open thanks to support from endPoverty and Kua Ventures COVID-19. endPoverty continues to empower aspiring people and communities by supporting entrepreneurs through microloans.
– Evan winslow
Photo: Unsplash