Once the loan has been fully funded, CARE will transfer funds to the local partner in question. The relationship between Lendwithcare and its local partners is a long-standing and successful one.
The support, training and loan to the entrepreneur would have already been agreed by the local partner in advance of the loan being posted on the Lendwithcare website. By doing this, the entrepreneur’s plans can proceed without delay. An additional benefit to Lendwithcare is that all loans posted are effectively pre-assessed for viability regardless of future funding, although this is not the primary reason.
The role of a local partner is not only to arrange the microloans, but to help entrepreneurs by supplying ongoing support and business training when needed. The demand for microfinance services outstrips supply and this is where your loans make a real difference. When you provide a loan you free up the vital financial resources of the local partner, which in turn allows them to provide another loan to another entrepreneur in need. Importantly, the support provided by the local partner does continue throughout the life cycle of the loan that you and other lenders have provided.
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As well as making loans, you can also support entrepreneurs in developing countries by making a donation to help secure the future growth of Lendwithcare