- Search Results
 
 
20,000 Women Benefit From Micro Loans
Date Uploaded: Jul 24, 2016

Montserrado County Flag
 

 

20,000 Women Benefit From Micro Loans 
By Derrick G. Menkarzon,LINA

MONROVIA, July 23 (LINA) –The United States Agency for International Development Food and Enterprise Development (USAID FED) has disclosed that over 20,000 Liberian women benefited from loans through the Village Loan and Savings Association (VSLA) over the four years of operation of the entity.

The VLSA is a micro- finance supported by the United States Agency for International Development (USAID) Liberia  Feed the Future initiative in which individual farmers pool their financial resources into one account. Members take out loans from the account, which is payable in three months, with 10 percent interest. Proceeds from the interest
earned are distributed to members after each cycle based on the shares they own.

 According to a USAID FED Success Story, a copy of which is in the possession of LINA, the Food and Enterprise Development project which is supported by the American Government’s Feed The Future initiative, is their own way of identifying with farmers to improve their livelihood.

The project has also provided training in agribusiness management and leadership for local farmers and operates four food value chains including rice, cassava, vegetable and goat raising.

The report stated that VLSA members received loans quarterly, with lowest interest rates.

One of the beneficiaries, Victoria Nipoe, explains that she has raised US$11,000  in two years with a saving of US$890.

Victoria stated that she invested US$500 of that amount to purchase a small cassava plot, which she harvested and sold the tubers on the local market for US$1,300, adding, “That money enabled me to pay my children’s school tuition.

At the same time, another beneficiary, Alice Tuah a farmer, says she has reaped immense benefits from joining VLSA.

As in Victoria’s case, Alice said the VLSA micro loan exercise has also enabled her to pay her children’s school fees.

Alice noted that farming was very difficult as she had to not only concentrate on feeding but also ensuring the sustenance of her business to improve the livelihood of the family..

She lauded USAID for building their capacity, noting, “We can now assist our partners, rather than solely depend on them for 100 percent support.”
LINA/DGM/TSS

latest headlines
‘Poverty Rate Still High In Africa,’ Says WB Lead Economist
World Bank Lead Economist and the author of the Africa’s Pulse Report, Punam Chuhan-Pole, has observed that with poverty rates still high in th ...more
African Media Group Condemns Killing Of Nigerian Journalist
The Media Foundation for West Africa (MFWA) says it has received with shock reports that Famous Giobaro, a desk editor with the state-owned Glory ...more
LNP Assures Female Contestants Of Full Protection
Police Inspector General Gregory Coleman has assured women vying in the October elections of full police protection during their campaign process ...more
WFP Official Urges Joint Efforts For ‘Zero Hunger’ Goal In Liberia
The World Food Program (WFP) Regional Director for West and Central Africa, Abdou Dieng, has called for collaborative efforts by Liberians to ach ...more
Apostle Suleman Coming To Liberia Again
The President and Founder of the Nigeria-based Omega Fire Ministries (OFM) international is due in the country for a two-day crusade beginning Ma ...more
Police Chief Nudges Youth To Embrace Peace
Police Inspector-General Gregory Coleman has called on Liberian youths to do away with violence and embrace positive thoughts and actions for the ...more
 
All rights reserved © 2013 - 2014
Liberia News Agency