The goal of the Foundation's Micro financing Program is to boost the economy in developing countries. Microfinance is a simple but powerful tool that enables the "working poor" to pull themselves out of poverty. An initial interest-free loan as little as fifty dollars can provide a poor person an opportunity to set up a small business, which, in effect, may create new jobs. Interest-free loans are used by the working poor to create or expand small businesses that may generate a significant increase in income for the family. Of primary importance, the additional income may allow a poor family to secure food, access to healthcare, education for their children, bankable savings, and hopefully a steady foundation for a better future.
Whereas the initial interest-free loan amount is relatively small (50 USD or approximately 300,000 GNF), borrowers who prove to be credit worthy will be entitled to greater amounts (e.g., 500 USD or more) on subsequent loans. All loans will be repaid in regular installments within a six-month period. Borrowers will be encouraged to establish groups whose members can perhaps guarantee others' loans. When the Foundation achieves the necessary level of financial security, it will endeavor to create a system in which companies or individuals, with the assistance of the Foundation, can invest money in a working poor person and reasonably expect to obtain to receive their original investment within a one-year period.
Such a bold but promising program will help the working poor become responsible and self-reliant. Moreover, it will endow the working poor with a newfound dignity and self-worth. The Foundation will provide investors with status updates on borrowers' business progress. Eventually, the Foundation will allow investors to select their borrowers and receive updates directly from the borrowers on the borrowers' business status. On account of the cherished generosity of the investors, whose only profit will be of an emotional nature, the micro financing program has the potential to make a broad and deep impact on countless lives.
