Volunteer trip to Philippines for new microloan program
Organized by: The Philippines Foundation
EVENT DATE Jun 01, 2016
Growing up in Chicago, I witnessed the effects of poverty in the United States. However, after living abroad for two and a half years, I realized there are countries where far more people are affected and much more adversely. Being a finance major, I wanted to use my education to make a difference in the world via financial empowerment programs. Now, working for The Philippines Foundation, I have the opportunity to make that dream a reality. The Philippines is one of the most natural disaster prone countries in the world with tsunamais, earthquakes, volcanic eruptions and typhoons occuring regularly . As of 2015 over 26.3% of Filipinos live in poverty, with many earning less than $1 a day. This trip in June will be done to conduct feasibility studies, operational planning and beta testing in order to implement a new microloan program for impoverished rural women. The idea is to have a crowdfunded platform where unlike Kiva, we loan directly to the borrowers - not intermediary banks and MFIs. The advantage over companies like Zidisha, is that we have loan officers on the ground to ensure repayments and do not require internet connectivity to be eligible for a loan. This enables us to reach more disadvantaged populations in rural communities. We also operate with the belief that we will be able to raise and deploy more capital by paying our microinvestors interest, allowing us to financially empower more people. I would be very grateful for any support from the CrowdRise community. Thank you for taking the time to read this posting.