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What are the Expected Project Timelines?
Category: Microcredit | By BChinnery, 26-May-2014 | Viewed 2268  Comments 0
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Honduras Work Team
It's not unusual to find that parts of the application process take longer than expected, including the signing of documents and the wiring and transfer of funds.

As information is gathered (Community Needs Assessment, financial statements, application details) you may begin to feel impatient. Each time a new piece of information is needed, it may cause delays and generate new questions, which then require more information, and the 'hurry up and wait' cycle is created.

My recommendation is that everyone involved in the process is guided to be patient while continuing to strive forward in a committed step-by-step fashion as the pieces come together. Team members can encourage those who feel frustrated to stay the course, and remind themselves that the delays are not unusual and that all of the information is important in creating a successful project.

For this reason, it's important NOT to make it sound like it will all happen quickly. The Host Club, and the MFI (Microfinance Institution), need to be made aware that the process may take up to many months to gain approval and the subsequent wiring of funds.

The Foundation is clear that NO FUNDS MAY BE DISBURSED PRIOR TO GRANT APPROVAL. Any funds disbursed prior to approval are NOT eligible for the project and will be rejected. 

Each project is different but from Community Needs Assessment, to Grant Application, to documentation and signatures, to final Grant Approval, to wiring of funds, to the first cheque disbursement to the MFI, was approximately a year in our experience. 

Patience and diligence is a virtue and your efforts will be well rewarded. From your efforts, peoples' lives are being improved.

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