What we do is invest in new start-ups. The money is paid back in instalments and when it has been repaid, we simply reinvest in a different entrepreneur -“the gift that keeps on giving”.
Lendwithcare enables families to find their own route out of poverty and it allows others to develop their businesses, which has a direct impact on their lives. People across developing countries are bursting with business ideas and all they need is a helping hand. Converge Challenge has supported Lendwithcare entrepreneurs since 2014 and we're pleased to advise that previous loan recipients we have supported are doing amazingly well!
One project we helped - the Tionge women group based in the Nyimba district of Eastern Zambia needed £1,266 to begin their project for a grocery shop and a hairdressing salon. We contributed towards helping the women’s group by completing the final part of their funding; this meant they could start developing their business and better support their families. We have also supported Muhammad Shahid who required funding for his video gaming shop. Muhammad's business loan was at 0% so Converge decided to kickstart the funding for his video gaming shop. Both have now fully paid back their loans.
We believe reinvesting in a business is critical to any company that wants to growl, so in 2015 Converge reinvested in Mrs. Binh Dinh thi who lives in Village Ca with her family and earns a living by growing corn, rice in and chayote. She used the funding we provided to buy 10 breeding pigs, 2 sows and mash. The extra profits from breeding helped her take better care of her child and parents.
In 2016, we completed the loan of Jean claude Hashakimana (Rwanda) so that he could purchase a small plot of land to farm potatoes, fertilisers, seeds and further employ an additional 20 people to tend to his new venture, as well as stocking a potato warehouse of his own to provide a brighter life for his wife, 6 children and current employees. Jean Claude has fully paid back his loan.
This Christmas, Converge Challenge contributed towards helping the Tsungai Group from Domboshawa, Zimbabwe – a group of five women applying for a loan to support each other to make their businesses a success. The women all hope their businesses will mean that their children have opportunities and can look forward to a life without poverty.
Georgia Chirowodza is 65 years old and one of the five members of the Tsungai group. She runs a business selling kapenta. She lives with her 87 year old mother, her adult daughter and son, her two nephews who are 4 and 20, and her two grandchildren who are 7 and 19. Georgina is responsible for providing for all of them, including paying the school fees. She would like to be able to provide her family with a good balanced diet but with so many mouths to feed, Georgina needs to grow her business to make this possible. She wants to use her share of the loan to do just this.
www.lendwithcare.org has lent £12 million to poor entrepreneurs around the world. Why don't you consider supporting them also as we have? #makealoanchangealife