Madison, WI — WorldWise Microfinance (WMF), the 16-year old antipoverty nonprofit based in Madison, has launched a new program to stimulate small business growth in Malawi, the fourth poorest country in the world.
WMF is partnering with The Centre for Child Development and Research (CCDR), the Malawi-based NGO represented in Dane County by UW doctoral student Isaac Phiri.
CCDR supports community economic empowerment initiatives in Lilongwe Rural and other districts in Malawi. The organization is focused on women’s empowerment and creating sustainable livelihoods. The new microloan program supports the work they are doing with farmer organizations to strengthen women’s participation in agriculture, develop female leadership, and support community-led economic resilience through sustainable farming.
Malawi is a landlocked African country of 22 million people, 70 percent of whom live in extreme poverty. It’s an agricultural economy with seasonal fluctuations in rainfall, so smallholder farmers struggle to maintain a consistent income.
“We want Malawian farmers, most of whom are women, to be able to diversify their sources of income and build a cushion against droughts and floods,” according to WMF president Tom Eggert.
Eggert says the new Malawi program follows the pattern of WMF lending programs around the world, where the key is a vibrant relationship between the nonprofit and leaders from the target countries. CCDR head Phiri agrees:
““Meaningful livelihood begins when communities are trusted as leaders of their own transformation, and microfinance is not only about loans; it is about restoring dignity, strengthening relationships, and creating opportunities for families to build resilient futures together.”
ABOUT WORLDWISE MICROFINANCE
WorldWise Microfinance is a Madison, Wisconsin-based nonprofit committed to helping individuals develop economic self-sufficiency through small loans. Operating around the world, WorldWise Microfinance provides individuals (primarily women) who lack access to the traditional banking system with small loans. These loans help individuals lift their families from poverty by starting and running small businesses. Started as a class project at UW-Madison in 2010 with just $3000, WMF now has loan programs in the Philippines, Dominican Republic, Ghana, Kenya, Uganda, and Malawi, and has funded more than $600,000 in loans.
For more information about WorldWise Microfinance and its ongoing work, visit www.worldwisemicrofinance.org.
CONTACT
Tom Eggert, Founder and President
makingloans@worldwisemicrofinance.org
608-279-8608
About Worldwise Microfinance
WorldWise Microfinance is a Madison, Wisconsin–based nonprofit dedicated to empowering women and their families to break the cycle of extreme poverty through accessible, affordable, locally based microloans. These loans help individuals lift their families from poverty by starting and running small businesses. What started as a class project at UW-Madison now has loan programs in the Philippines, Dominican Republic, Ghana, Kenya, and Uganda, and has funded over $500,000 in loans.
For more information about WorldWise Microfinance and its ongoing work, visit www.worldwisemicrofinance.org.