We learnt about Saving and Loans Groups though training from CVTL; we knew nothing about such things before. It is such a good idea! It is always difficult for people to get a loan – especially when they want to set a small business, said Isaul Farudu – Head of the Saving and Loan Group.
Our Saving and Loans group has 13 members (with 7 women and 8 men). We started using our own funds – each member initially contributed $10, and then contributing varying amounts each month, depending what they can afford., and we manage the fund accordingly. We used some of this money to pay for our children’s school expenses and provided loans to others, and charge a low interest rate.
Since the establishment of the group, a year ago, now we manage around $1000 in funds. The results of our Savings and Loans group allow us to distribute profits to our group members and also extend loans to others.
We are so grateful to CVTL for providing us with training and helping us start such a successful Group, and we hope CVTL can continue to support us in the future.
This Savings and Loans Group is based in the Beloi hamlet, in Maker village, Atauro Island. #End