Micro-financing, Kiva & Somali Businesswomen!

[Militant]

Can we establish a similar thing to help our women back home? Lending them money to start their own businesses and support their families? Rather than sending them the monthly remitance money, it might be more beneficial to raise a substantial amount of money from a pool of willing people (ourselves) and then loaning the women the money to open their own businesses and then pay it off? Economists say the pay-back rate in microfinancing is over 95% and a better alternative to most conventional money loaning options.

[Militant]

Bangladesh is a prime example of the effectiveness of microfinancing in reducing poverty:

http://www.ifad.org/media/news/2005/ap_bangladesh.pdf

[*Nobleman*]

Yeah man enterprise is the way forth. Even if money was lent for agriculture and irigation projects, then at least they'll be able to feed themselves.

Imagine the remittance somalis around the globe send back yearly, def in excess of a billion dollars. A tiny fraction of that billion remains within the borders of somalia, why? because somalis grow few food, have exploited few resources and therefore that money goes to all the countries that the goods are imported from. Also can you imagine how much of the remittance goes to Kenya and Ethopia for the khat they supply. Mind boggling, so next you send money, just remember that money will probably leave the borders of Somalia.

[senoritaa]

I think they tried it in Somaliland , the micro financing. It was done by an agency on the ground though and I'm not sure that it was altogether successful. I remember reading about the grimean bank in Bangladesh and thinking that would be so good for somaliland/somalia