STRATEGIES FOR EMPOWERING GIRLS
Your Education Your Voice
Introduction
Poverty is a global issue that affects millions of people worldwide. While donations can provide immediate relief to those in need, they do not address the root cause of poverty. Conversely, micro-loans can help people break the poverty cycle by allowing them to become self-sufficient. This article will discuss how micro-loans can help people break the poverty cycle, while donations do not address the root cause of poverty.
Breaking the Poverty Cycle and Empowering the Ordinary People
The poverty cycle
The poverty cycle is a complex issue with dire consequences for individuals, families, and communities. It begins with low income, limited education access, and scarce job opportunities. Poverty leads to inadequate education, hindering access to better jobs and higher education. This perpetuates the cycle, trapping individuals. Its impact spans generations, with children in poverty facing health issues, academic struggles, and reduced earning potential. This cycle continues unless the root causes, like education access and job opportunities, are addressed for those in need.
One key benefit
One key benefit of micro-loans from YEYV is that they foster financial literacy and skills development. When individuals receive a micro-loan, they are required to repay it without interest. This encourages them to learn money management, budgeting, and timely repayment. By acquiring these skills, borrowers become more financially literate and capable of managing their finances effectively. This empowers them to break the poverty cycle by gaining the knowledge and skills needed for self-sufficiency. As a nonprofit organization, we provide avenues into mainstream finance by empowering individuals and families with knowledge, tools, and products to better their financial lives and provide access to individuals and businesses in Nigeria.
Target demographics:
We lift individuals without a voice or financial stability to serve and empower ordinary people for humanity’s service.
Direct beneficiaries per year: As many as we can afford around Nigeria.
Geographic areas served: All around Nigeria locality.
Programs: borrow a loan to repay within 6-12 months without interest, helping and teaching individuals and Community.
YEYV Difference
YEYV enables individuals to lend and provide access to affordable capital without interest.
Nonprofit Financing Solutions for Borrowers
Funding Timeline Expectations:
The time it takes from loan application submission to funding can vary widely. Many factors influence this, such as the complexity of the loan request, how quickly you respond during the due diligence period to complete the loan package, and the story behind the business loan amount. On average, the loan process runs for 6 – 8 weeks.
Registration fees:
The registration fee is (N2000) two thousand Naira per application, and we will charge a processing fee of N5000 Five Thousand Naira per loan amount. Services covered by these fees include.
Administration documentation verification: Create your online loan application page and complete your documents.
Repayment Period: Provide a streamlined repayment process by attaching you to a banker.