FINCA
FINCA is a highly successful NGO that provides micro-credits to women in Ayacucho. It serves more than 1,000 women working in small business. It provides women with small loans, training in small business management and basic accounting. In addition the women receive education about punctuality, hygiene and administration.
FINCA was created with the notion, "If you educate a man, you educate a person. If you educate a woman, you educate a family."
Juntos si podemos-- Together we can!
In Peru, it is difficult to get credit for anything. Collateral is always needed. FINCA organizes people into groups of around 25 called banquitos.
In order to be a part of FINCA, you have to have an already established business and be introduced into the banquito.
FINCA currently has 4,240 women and 50 men as members which make up 170 banquitos.
Inside FINCA
More than one out of four people - 1.3 billion people- struggle to live on less than $1 a day
In Ayacucho, the average income is $100 a month (American)
FINCA'S financial statement for the month of September
This produced a loan total of $845,800 for the month of September
Savings total equaled $1,378,848.37
285 loans were distributed
12% of Ayacucho is umemployed
Blair and her new friend
Each banquito attends FINCA for 16 weeks which makes up one cycle.
At each training session the women are trained in basic accounting, hygiene, ways to save, self esteem issues, concerns about punctuality, and ways of keeping clean. This was created with the notation that "Being poor does not mean that you also look dirty."
Types of businesses that are established are people who sell candies in the streets, artisans, and those who sell meat in the markets.
A 3% interest is made off the loans and 2.5% interest is given for savings.
Emily and Mark at FINCA
Mark showing Kate how to use her new camera