Favour 0501 Group

Favour 0501 group has a membership of 5 women age between 26 and 48 years old. The women are running various small-scale businesses. The members of the group have excellent business skills and have excelled in their grocery and cosmetic shops for 20 years. The women in this group are married and some are widowed. The group have a total of 42 children and orphans who they look after.

Their husbands are either working or helping their wives run their businesses. The group seeks their second loan to boost their businesses to greater heights.

Margret is 49 years old and she is the focused member of this group. Margret is married and her husband is an entrepreneur. Together the couple has five children and took into the family two of her nieces who are her (late sister’s children). Margret has successfully been running her grocery shop for the past twenty years consistently. Her business has excelled because Margret is very diligent and she is highly disciplined in the management of her funds. Margret is grateful for the loans she has previously accessed because she is now more self-reliant and can contribute to her families’ development extensively.

The Microloan Foundation in Zambia lend to female entrepreneurs using the ‘centre’ model. A centre is typically made up of 3-4 sub-groups and these sub-groups almost always have five members. Each centre has its own name and the sub-groups within the centre share the same name. Each person within the group of five women is responsible for repaying her loan but the members support each other and if a member is unable to repay her loan on time, then the group assumes responsibility for repayment. Loan officers provide training to the groups, although it is expected that centre leaders will eventually assume responsibility for providing some of the basic training.

If you are lending, please be aware that due to the current COVID-19 pandemic your repayments could be at greater risk of delay or default.