Did you know that family circles are a better business solution for local small scale development programs? Did you also know that group financing is also an effective strategy for community based micro loans?
Savings Loans Association (SLA) is currently embarking on giving small micro loans to group members as opposed to individual micro loans. Members of the group (on an average, a group has 5-10 members) are responsible for issuing smaller loans to each member group. There are a number of advantages to this strategy:
1) The group is responsible to ensure that all monies received are returned for to SLA so that others can also borrow and improve economic livelihoods.
2) Savings, and rational decision skills are empowered among members.
Savings Loans Association will officially embark on the first group micro finance to a group of 8 members this coming month (June 2009)
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