Since 2013 Life Spring has been operating a microloan program, assisting women in Webuye, Kenya to begin businesses that benefit them financially, as well as the surrounding community. The women are given interest free loans of around $100. The guidelines are to repay half of the loan in one month, and the remaining balance within two months. There is no effort to repossess any property from the women if the payments are late, which removes any stress related to the loan. The risk mitigation takes place early in the process with a rigorous vetting process, where Pastor Florence Wafula takes into consideration many factors when approving the women for loans. As the loan is repaid the funds can be lent again to other women, and so on, indefinitely. The first group of business women to receive loans have repaid the loans completely and on schedule.
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More loans coming soon.
Pastor Florence (5th from left) and Reverend Cathy Addis (far right) pose with women of the microloan program in 2017.