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Microcredit Program in a Developed Country - A First!
Category: Microcredit | By SDR, 23-Feb-2017 | Viewed 736  Comments 0 | Source Nick Frankle

Domestic Microcredit completed in California



by DG Nick Frankle
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Nick Frankle

Have you considered applying to The Rotary Foundation (TRF) for a microfinance global grant in your local community?  In 2009, the US was experiencing the negative impact of The Great Recession. Heather Frankle, Rotary Club of Simi Sunrise -- District 5240, had just completed a successful microfinance TRF grant from in Honduras.  Seeing the economic benefits of that grant, Heather approached TRF for guidance on microfinance grants where the host club was in a developed country. She was told that no microfinance grant had ever been awarded in a developed country. 

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Rotary Interview with Heather Frankel and Devon Johnson

Led by Heather,

with the support of the leadership of District 5240 and international partner District 3720, and the help of grant coordinators at Rotary International, the Rotary Club of Simi Sunrise was awarded the first TRF microfinance grant performed in a developed country.  To fund the grant, Rotarians in District 5240 reached out to clubs and districts that they had helped in previous grants.   The District 5240 Microcredit grant was supported by eleven Rotary districts and had a value of $US 240,476. 

To date, the grant has resulted in loans exceeding $250,000 and created or supported twenty-one businesses on the central coast of California, USA. 

Ongoing Impact:

The program administrators, Women's Economic Ventures, estimates that historically every dollar loaned out generates $12 of revenue to the local community.  Using their numbers and the fact that a total of $250,000  was loaned using funds from the grant,

the impact of this grant has been over $3,000,000.


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Heather Frankle & WEV Leadership

Heather and Devon Johnson, the lending officer for the Microfinance Institution supporting the grant, were interviewed on local television in January 2016. 

This is their story! - on YouTube



https://youtu.be/fuc0X1YoFTw

For information contact Nick Frankle:

nickdg1617@earthlink.net
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