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April 2008

New Microfinance Initiative Brings Hope to Families in Kenya!
In a country where resources are scarce, the poor often do not have access to banking and loans to help them get ahead. Projects of Hope is committed to helping individuals living in poverty become more self sufficient. For this reason, we have provided a pilot grant of approximately $750 to Yote Yawezekana Women's Group to begin small businesses to support their families. Examples of businesses are selling vegetables in a roadside stand or starting a small tailoring business.

How does it work?
The loans are distributed in the amount of 3,000 KSH (approximately 50 USD) and require the development of a business plan through their loan application. The loans are provided directly by the group at 2.5% interest rate per month with a minimum of 3,000 KSH paid within 3 months. The funds are then made available to other members in the group to develop their own small business in this revolving fund. The members are excited with the set up of the program and have nominated members to provide record keeping and assist with oversight.

Read a great article about the micro-lending concept at PBS Frontline.

We are hopeful about the impact of such a program in the community in giving widows with HIV and their children a way forward in meeting the most basic needs of their families including food, shelter, medical care and schooling.

Political Situation Update
Mr. Kibaki and Mr. Odainga have agreed to a power-sharing agreement following the contested elections in January. 1,500 people were reported killed during the violence following the election and 600,000 families displaced according to BBC News. Please continue to pray for peace and safety within Kenya and around the world.

Fundraiser Success
Special thanks to our volunteers Katie O., Aquinas Institute of Theology, Katie at St. Louis Crisis Nursery, Jami at Saint Louis University School of Social Service, Amanda of McAuley House/Blessed Sacrament and Christina of McAuley House/St. Bernard's School of Theology for their hard work in selling over 300 fair trade chocolate bars! This effort supported fair trade and raised enough funds to send one of our students to high school for an entire year! Way to go!