Economic Growth

GOAL: $20,000.00

RAISED: $7,800.00

Donate to Empower Small Businesses Through Microfinance

Information:

Summary

This project empowers individuals / small businesses in Sierra Leone by bringing hope to entrepreneurs. It helps them break out of the cycle of poverty and boosts economic development through 2 key areas: business management training and microfinance financial assistance. This support helps them effectively start and grow their small businesses. Priority is given to young adults and women. Small businesses are the life-blood of African economies and this is an excellent way to bring change.

Challenge

The International Labour Organization (ILO) reported in 2016 that up to 70% of African workers were underemployed "working poor," and still living in poverty; the highest rate globally. Thousands of youths and adults struggle to find a meaningful existence and are living below the poverty line. They are exposed to the temptations of resorting to a lifestyle of vices and destructive occupations. They desperately need opportunities and a viable path to self-sufficiency.

Solution

This project provides foundational training in entrepreneurship and business/startup capital to small businesses. This helps them to start or expand their businesses, become self-reliant, and employ others. Young people are enabled to venture into initiatives such as tailoring, retail, catering, gardening, food cafes, soap making, etc. Income from these businesses ranges from supplementary income to instances where this is the sole income for families.

Long-Term Impact

Individuals and small businesses are able to grow from living in deprivation to a point where they become self-sufficient; bringing one person/family at a time out of the cycle of poverty. They provide employment and contribute to national development. As businesses become empowered, this contributes to a drop in overall poverty. This will eventually result in a stronger, more self-sufficient, and stable society.

Additional Documentation

This project has provided additional documentation in a PDF file (projdoc.pdf).

Resources

http:/​/​www.developafrica.org/​sponsor_microfinance_freetown
SIERRA LEONE: "An idle mind is a devil's workshop"
UN Human Development Report - Sierra Leone
UN Country Information - Sierra Leone
Wikipedia - Microfinance
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