Since 2002 Microloan has supported over 150,000 women entrepreneurs looking to setup their own businesses through its 26 branches. Furthermore, MicroLoan has a strong local presence, employing 158 people in Africa, with all 98% of them recruited locally.
Their mission is to provide loans to women who live below the poverty line ($1.25 per day) supporting them to become female entrepreneur. Loan groups are formed, on average each group will consist of 15 women, each member has to complete eight initial training sessions before loans are provided.
Through a joint liability repayment model, the scheme provides security for repayment at the individual level. The support that MicroLoan provides is complemented by ongoing business and group cohesion training. In Zambia and Zimbabwe women also gain training in the use of mobile banking technology so they can access the services they need to help manage their finances. The work that the charity is doing in sub-Saharan Africa is aimed at supporting female entrepreneurs develop self-sustainable lives and to improve the lives of the communities they live in.