In Liberia, a small leg up can drastically alter the course of someone's life. It's like the story goes – if you adjust the heading of an aeroplane by 2 degrees, the end destination will change to an entirely different country. This same ethos is what underpins our Loan Program, helping entrepreneurs and small business get the kick start they need to build the life they envision.
We had the chance to speak with some of the loan recipients, and their stories are nothing short of inspirational. But before delving into some stories about the program, let me shed some light on what the program does and who the remarkable team is behind its success.
Meet the Team:
This year, we welcomed Lincoln and Jonathan to our ranks, bringing a wealth of expertise to the team. With Lincoln's business acumen and Jonathan's extensive background in credit, their efforts are demonstrated through their dedication to each and every loan recipient.
About UOF's Loan Program:
Initiated by two generous donors, the Mastercard Foundation and Stan Silverman, the UOF Loan Program offers unprecedented opportunities for local entrepreneurs. With interest rates as low as 3%, significantly lower than the rates offered by other banks and institutions, which can be as high as 30%, and flexible repayment policies, the program alleviates financial burdens and fosters sustainable growth.
UOF - A Trusted Partner:
When speaking to the loan recipients, the role of trust takes center stage. What truly sets UOF apart is the trust it has cultivated within the community over its 20-year tenure. Sarah, a beneficiary of the program, shared her deep connection with Landis who helped her through a period of sickness, a testament to the personal bonds forged through years of genuine support. In a landscape where trust is scarce, UOF stands as a beacon of reliability and compassion.
Spreading the Word:
Word of mouth plays a pivotal role in reaching entrepreneurs with limited access to financial institutions. Sarah's success story inspired her friend Ma Yawah to join the program, igniting a ripple effect of empowerment within the community. As more individuals witness the transformative impact of microfinancing, the demand for opportunities to thrive continues to grow.
Building a Foundation of Trust:
Remarkably, none of the program's participants have defaulted on their loans, underscoring the power of mutual trust in driving economic empowerment. Microfinancing isn't just about providing capital; it's about nurturing a culture of entrepreneurship that uplifts communities and paves the way for sustainable development.
As we celebrate these achievements, let us reaffirm our commitment to fostering trust and resilience in every endeavor. Together, we're not just building businesses; we're building futures.
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