64 ladies who are part of British charity St Peter’s Life Line’s micro finance scheme recently received loans totalling Ksh1.8M (approx £13,300), bringing the total of loans made since the launch of the programme to 2,066.
The success of these businesses has allowed many women to start paying for secondary education for their children which is helping to lift their families out of poverty and expand their horizons.
St Peter’s Life Line‘s system works by collecting together teams of women who know each other together, to form a micro finance group who are then instructed in the basic process of operating the scheme. Whilst waiting for their loans, they choose a Chair, Treasurer and Secretary for the group.
When funding becomes available, the group are told how many loans are coming their way and they will then vote as to who in the group will receive the loans.
To read more about the St Peter’s Life Line micro finance scheme, please read David Baldwin’s blog post.