At a young age I was inspired by the quote:
“Give me a fish and I eat for a day, teach me to fish and I can eat for a life time”
When I first heard it when I was doing a business skills program Young Achievement Australia which sadly is no longer running. Microfinance is all about supporting people to grow in life.
It can be empowering to give someone else the resources they need to create the life they want to live. Couple this with education, infrastructure and support and we as a global community can make a massive difference.
As the success of my business continues I wanted to do something more to support the global economy in which we live. Then along came Kiva (well from my research they have been doing this longer than I have been thinking about it), check out the video below on how the system works.
Microfinance is a general term to describe provision of financial services to low-income individuals or to those who do not have access to typical banking services.
Microfinance is also the idea that low-income individuals are capable of lifting themselves out of poverty if given access to financial services. While some studies indicate that microfinance can play a role in the battle against poverty, it is also recognised that is not always the appropriate method, and that it should never be seen as the only tool for ending poverty.
Getting involved with Microfinance means that we can make a huge difference to people in developing countries by lending them money for their business (and personal) needs. The idea is that through empowerment and lending / repaying the debt creates a greater sense of self and improved lifestyle. The default rate on these loans is surprisingly less than 1.1% check out the work of.
I have set up a team for anyone who is interested to get involved under the Money Mechanics brand. My hope is to inspire people to get involved and do what they can to help end poverty in the world but also to support our global economy as we have seen over the last few years we are all truly connected.