Honduras Grant highlighted in Rotary Magazine

Honduras Article Pic.jpgHonduras Economic and Community Development Phase 5 Expanding Microfinance Capacity

 "A partnership between The Rotary Foundation (Canada) and a branch of the Canadian government had an impact that spanned the globe". Article by Paul Engleman in the April 2022 Rotary Magizine.


SPONSORS: ROTARY CLUBS OF CALGARY WEST, ALBERTA, AND REAL DE MINAS-TEGUCIGALPA, HONDURAS
This three-year phase of a long-running project expanded badly needed microfinance services to the city of Puerto Cortés, Honduras. The project opened a new microfinance branch and conducted two rounds of lending to 250 entrepreneurs in and around the city. In addition to disbursing the loans, the project provided extensive training in a wide range of topics related to financial literacy and business management, including budgeting, savings and investment, customer service, sales strategies and marketing, and conflict management. Of the 250 entrepreneurs trained, 159 were women. Additionally, 61 percent of the loans in the first cycle and 81 percent in the second were issued to women, many of whom are single mothers. The knowledge they gained and the capital they received will help them achieve a sense of economic stability and independence. As they expanded their businesses, the loan recipients hired 107 employees, reducing local unemployment.


FUNDING
GAC: $93,122
Rotary clubs and districts: $96,550
TRF: $110,836
Total project funding: $300,508

Contact: Calgary West Rotary Club - steve@rickard.ca 
Rotary Magazine April 2022.jpg

Read count: 290