Madison, WI — Vermont Lutheran Church, in Black Earth, WI, has become a “Partner With Purpose” for a microfinance program in Iliolo City, Philippines. The church has committed funding for loans to help sustain small businesses that borrow from the Urban People’s Development Cooperative (UPDC). UPDC is a credit union in the Philippines.
The partnership is an initiative of WorldWise Microfinance (WMF); a new effort to bring small business women from the Global South together with institutions in the US. “We created Partnering With Purpose to allow just this kind of connection between local groups and our borrowers across the globe,” according to WorldWise president Tom Eggert.
Donors to WorldWise are not ordinarily linked to a specific country or program, and WMF allocates its funds across nine partners in six countries. Partnering With Purpose is the first opportunity for sponsoring donors to target an overseas community and direct their support to individuals looking to start or grow a small business.
Vermont Lutheran Church will receive a steady stream of information about UPDC borrowers, so the church becomes much more than a passive donor. “This will make it possible for our congregation to engage with entrepreneurs and their families, in a way that hasn’t been possible before,” said Paul Ohlrogge, a member of the Mission Team and a long-time Board member of WorldWise Microfinance.
UPDC members use loan funds to strengthen small “personal” businesses like food service, farming, sewing, and other cottage industries. The new Partnership With Purpose funding will allow the program to double the size of the existing program.
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, and Uganda, and has funded almost $500,000 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.