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Who Supported HECD Phase IV with $50,500?
Category: Microcredit | By Steve, 24-Dec-2016 | Viewed 552  Comments 0 | Source Ken Montgomery, Lead Phase IV
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IDH Staff

Phase IV

of the 10-phase Honduras Economic and Community Development (HECD) program recently completed its Rotary Club fundraising stage, and received generous support for a total of $50,500.  Commitments came from District 5360 clubs, other Canadian clubs with the help of the project partner Opportunity International Canada (OIC), from the lead project club in Honduras, and from individual Rotarians!

The Phase IV project team would like to gratefully acknowledge the support of the following clubs, the champions within each club who arranged HECD Phase IV meetings and presentations within their respective clubs, and the individual Rotary members who made personal contributions to reach our fundraising goal for Phase IV. 

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Donations Chart - Phase IV
The project team expects to be able to leverage this funding by a factor of 4 times through Alberta CIP, Government of Canada, and Rotary International grants into C$ 201,000 or about US$ 140,000!  Some 90% of these funds will be contributed, by April, to the loan portfolio of our Honduras execution partner Instituto Para El Desarollo Hondureno (IDH), a local microfinance company with 40 years experience in Honduras. The main objectives of HECD Phase IV will be to provide loans to Small-to-Medium Enterprises (SME's) and to continue with small microfinance loans to local Trust groups. The remaining 10% is budgeted for currency fluctuation, funds administration by Rotary International, and for the project monitoring and reporting as required by the grants we expect to receive.

The SME loan sector of the Honduras economy is an under-served market since SME's typically require loans that are too large to qualify as microfinance loans, which are perhaps a few hundred dollars, and too small to be of interest to the traditional banks. Phase IV will assist IDH in expanding its footprint in this key market sector, generating badly needed employment. Stable jobs will enable families to afford clean water, better nutrition, and increase the educational opportunities for their children. 

The HECD program team has already started planning on Phase V, which will be led by Bill Fitzsimmons of the Calgary West club. There will be an InSight trip to Honduras April 17-22, 2017 to fully define Phase V which will broadly continue our work to assist IDH to expand its loan portfolio and geographic reach and incorporate a water project similar to Phase II.  We will also investigate areas for Phase VI and future phases including water, agriculture, and solar energy projects. If you are interested in joining the InSight trip or want to learn more about Phase V please contact Bill. 

Thanks again for the most generous support for Phase IV and we look forward to continued Rotarian participation in Phase V and beyond. 

Ken Montgomery
ken.montgomery@shaw.ca            
HECD Phase IV Lead

Bill Fitzsimmons
bilfitz@gmail.com
HECD Phase V Lead
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