Microcredit (Micro Loans) is a financial innovation that is generally considered to have originated with the Grameen Bank. The Grameen Bank and its founder Muhammad Yunus won the 2006 Nobel Peace Prize for helping 7 million people in poverty receive loans; since the founidng of the bank about US $6.0 billion has been loaned and the repayment rate is 99%.
What can microcredit do for the Recovery community? How can it help?
Our idea is this: We provide small loans to men and women who have accummulated a couple of years of sobriety; who are trying to start or grow a business; who would not be able to qualify for a conventional or SBA loan; who are willing to particpate in our entrepreneurship classes and programs.
What do we expect in return? We expect our borrowers to pay back the loans with interest and participate in our entrepreneurship classes and program.
What do we hope? We hope that our microcredit program will help recoverying individuals create or expand their businesses, create jobs for people in recovery and reduce the damage lost productivity in the recovery community does to our economy.
If you want to help us launch our microcredit program, please contact the 12 Angels! Thank you…