FundaMaya's Microloans Program offers women the opportunity for financial independence through entrepreneurship. Obtaining the capital to start or operate a business is a major obstacle for most of Guatemalan women in our communities, particularly for those without formal education. Our program not only provides loans to qualified recipients but also educational support to help them earn the most through business.
Microloans groups are formed of skilled women from a single community who come together with the drive to lift themselves and their families from the burden of poverty. Every month, the women attend group empowerment and education workshops focused on business and financial management to help them be successful in their efforts. When women successfully repay their initial loan, they qualify for a higher loan during the next cycle. Over the years, we have seen women start their own jewelry, weaving, tortilla and farming businesses as a result of our program.
Our Microloans process is as follows:
Community leaders organize themselves into groups of about 10 - 15 members
Women’s groups are established and they recruit other women interested in receiving a microloan
Each woman initially receives $125USD (limit increases after successful repayment)
Women use this money to start a small business or enhance an existing one
We provide ongoing training throughout the process to help improve success rates and to teach them business and banking skills, how to start their own savings account and develop financial planning skills