MICRO LOAN PROGRAM
Through its Micro Loan Program Precious Hands provides long-lasting and sustainable assistance to individuals in the communities where our artisans live and work. This assistance provides opportunities to earn honest and fair wages to be able to grow their business's and prosper thus improving their lives and the lives of their children today and for the future.
Where the $ comes from:
Precious Hands commits part of its profits and donations from friends and customers to fund its Micro Loan Program. Since loans are repaid (in 6 to 12 months) the pool of funding grows quickly and an ever-increasing number of loans can be made to new or past applicants.
How it works
Precious Hands provides small loans to individuals for self-employment projects that generate income. Modeled after the internationally renowned Microcredit Summit Campaign program (http://www.microcreditsummit.org) Precious Hands provides loans for educational and training opportunities, investments in existing businesses or to start new businesses. Unlike existing traditional aid programs Precious Hands' Micro Loan Program provides real people simple tools to improve themselves and/or their business resulting in real, tangible and economically sound outcomes.
Who is Eligible?
Individuals who live in communities where Precious Hands's artisans live and work.
Since Precious Hands works closely with its artisans and thus frequents their communities regularly we are able to screen and choose qualified barrowers based on a variety of factors; past loan history, village or group reputation, feasibility of business idea, etc… When we deem an applicant credit worthy he/she must sign a loan contract that includes payment schedules.
Terms of Loan:
- Amount of Loans: Up to U$1,000.
- Loan period: 6 or 12 months.
- Repayment: Quarterly payments term of loan
- Interest: 0%
How to apply:
Individuals must submit a 1 page proposal that includes:
- 1. Statement of what the $ will be spent on
- 2. How much money is needed
- 3. Quarterly milestones that will be achieved and
- 4. Repayment schedule