Friday, March 27, 2009

Microfinance Helps Individuals

The December 2004 tsunami in Banda Aceh, Indonesia, destroyed thousands of lives and left many people without a home or a job. Yuli's family was one of the few who lived through the ordeal, but were left with nearly nothing. After the tsunami, Yuli opened up a small kiosk to sell baked goods made by other local women, while her husband struggled to earn money as a driver. When she heard about the Grameen Foundation, she took out a loan for $100 with which she was able to buy more goods to sell, and thus increase her daily profit. She is now quickly on her way to repaying the loan, with plans to take out a bigger one later to build a bigger shop. With the help of the loan, she was able to improve her family's situation, keep her children in school, and start saving up money for a house.
Source: Grameen Foundation