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Hi Everybody!
Several of our clients in Cambodia are at an important mile stone. They have completed their loan cycle with full repayment of their loans. With the successful completion of their repayment they have gained more of our trust. Those who have accrued savings will have the savings returned in a few days, and all have been approved for their next loan. It's all happening at a time of celebration in Cambodia - their annual Water Festival, which takes place this year from November 5 through 9. The timing couldn't have been better.
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We are doing well in Cambodia with the "group program", where members of the group co-guarantee each others loans. It's the first step in bringing a client into our program. Five of our mothers in the group received a $100 loan, which is paid back over six months. Members of the group are good friends so work together. Once a mother has gone through this initial program and has shown her reliability as a borrower she can then apply for the next loan, either in another group or as an independent lender. See the photos to the left where our director, Suy Leang is visiting some of these "group" mothers. The Group #1 clients have completed their loan cycle, have done very well, and have been approved for their next loan - an "independent" loan of loan of $150.
We offer "independent" programs to women who have already completed one or two loan cycles in the "lending group" system. Whereas in the "group" system the mothers in the group have a support system, as an "independent" client they are on their own. They need to be much more self reliant, have established a successful business, and, because of the higher level of risk, offer a small amount of collateral to guarantee the loan. Have a look at their comments to the left.
If you would like to read more detail about our "independent clients" or the "group clients", check out the October monthly report that I just received from our Cambodia director, Suy Leang. You'll see more comments there from some of the successful mothers in our programs.
You can make a real difference by helping us fund more mothers like those you see here. Please do consider making a donation. Simply click here to donate.
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By the way, we are still raising money to build more latrines for families in need. The cost for one latrine is $200. If you would like to assist in this area simply click the link below to reach our donate page. Mention "latrine sponsorship" in the "comments" section below the credit card information. You can do a one-time donation for the full amount, or do a monthly payment plan, as some donors have done. It will make a world of difference for a poor family.
Take care for now.
Niels
Niels Lund
Executive Director
Microloans For Mothers
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