Funding SACCOS (Savings and Credit Co-Op) and Micro loans
As part of our objectives of assisting the wider community we have provided funding to school SACCOs and have also provided micro loans to those in the local community to assist with long term business ventures.
SACCOS
We have given a large loan to the St Michael’s Teacher and Support Staff SACCO. This SACCO is managed and overseen by the St Michael’s School Management Committee. We therefore do not get involved in who asks for or who receives the support. The SACCO provides loans to the SACCO members on specific terms, typically a fixed interest basis, and once repayments are made then further loans can be made to other members.
The SACCO has also used the money it holds to invite outside speakers to the group to extend their knowledge on a certain area of interest.
It has helped many of the staff over the years. Reasons for taking out the loans include buying school uniforms, buying some chickens and paying for a graduation.
Microloans (with no interest)
We have also directly provided loans to certain members of the Namunyumya community we have strong relations with. These micro loans are provided following an assessment of a business case and a review of repayment risk. So far this has been a beneficial exercise which has brought opportunity to members of the community who otherwise would not have been able to set up their own business ventures.
Two case studies of recent beneficiaries of micro loans:
Erina and Stephen
Over a 3 year period a sum was loaned to enable them to purchase 3 oxen and a plough for them to use in their fields and also to hire out to other villagers. This has led to a successful business and employment for several young men in the village who look after the oxen. This loan has been fully repaid.
Margaret
In 2018 we agreed a 2 year loan for Margaret to start up a shop at her home which is a great location next to the borehole deep in the village. She is selling essential food and washing supplies. She used the money she makes in the school to educate her children.