Microfinance
Overview
Our survey clearly shows that financial institutions do not reach out into rural areas as the usage of financial services in general low. The farmers communities is thus financial excluded and has limited experience in dealing with financial institutions and services.
Somalia is suffering from soaring food shortage and high prices of food items. White maize is most widely consumed by food by the poor in Cereal Somalia. Currently the price of maize in this part of Somalia is 50% higher compared to the price in the years 2011 and 2017 where there has been drought in the region.
Sustainable Income Microfinance
Microcredits is the extension of small, interest-free loans to those in poverty hit areas to facilitate entrepreneurial efforts with the aim of generating additional income to the focal community. We believe Microcredit is a tool for socioeconomic development.
In our microfinancing scheme we have trained 40 beneficiaries in basic financial management, technical skills and purchased and distributed tools and livestock so that the participants became self-sufficient and generate their own income. Our support includes buying and distributing 21 sewing machines, financial help to create small business for 5 beneficiaries, giving livestock such as goats and cows for five beneficiaries as a pilot project.
Our beneficiaries
Green Hope’s direct microcredit beneficiaries are 5 low income merchants: a honey seller, a fruit and vegetable seller, a cosmetic store, and a shoes store in Mogadisho and Baydaba.
Training
Training would consist
Running a business and financial record keeping
Learn new techniques of poverty alleviation through microfinance
In depth knowledge of Microfinance, its concept, and operational practices.
Lectures, slide shows, presentations, discussion, formulating a business plan and experience sharing.
Enterprise loans for rural youth in Somalia.
Access to finance for farmers communities.
Why target women
Seventy percent of the world poor are women. Yet traditionally women have been disadvantage in access to credit and to other financial services. Financial institutions often focus on men and formal businesses neglecting the women whom make up a large and growing segment of the informal economy.
Honey Production
The project aims to rapidly increase the incomes of 60 resource-poor, rural households to enable them to cope with rising food prices by improving their beekeeping practices to enhance their skills and improve their income in a sustainable manner. The aim is to raise the quality and quantity of honey they produce, and to link honey producers to reliable markets and generate a regular income.
Our activities in this regard includes training of farmers in modern beekeeping and honey harvesting techniques and the distribution modern hives and tools.
The beneficiaries: 60 resource-poor beekeepers in three villages in Janale district.