Economic Empowerment
More than 1 billion people in the world today live on less than $1.00 USD a day. Another 2 billion live on just $2.00 USD a day. Tens of millions fall victim to war, natural disaster, corrupt government, and disease. The end result is that, despite charitable efforts over the last 20 years, the number of those caught in extreme poverty has continued to rise.
It is evident that the sustainable solution to poverty is not more aid or wealth redistribution. What the world's economically poor need is new wealth, new jobs, and new income possibilities. They need opportunities that stimulate local, productive enterprise. This includes a growing range of initiatives such as microfinance, grants and loans to both small and medium-sized enterprises. Initiatives that help to build a new, hope-filled future.
Our Approach
One of the most effective means to economic empowerment for the poor is microfinance – a major focus area for Bridges of Hope International Network of Development Agencies.
Over the last few years, microfinance has become an increasingly popular form of poverty intervention. This is not surprising given its promises to help the poor help themselves and the fact that by recycling loans, wave after wave of borrowers will benefit from initial funds.
We realize that success is not defined primarily by reinvestment or the sustainability of microfinance institutions. Success is found in the release of poverty's grip – with people in extreme poverty experiencing increased household income and their families enjoying a better quality of life.
We begin by recognizing that microfinance is not effective for every poverty situation; it best serves the working poor. We focus on grass-roots organizations with strong, community-based leadership to identify the best-suited borrowers and manage the distribution of capital, tools, and training.
In this work, we have found that a little investment can go a long way. A loan as small as $50 USD can help fuel and expand a business selling fruit on a busy street. A loan of $100 USD can allow a tailor to buy a sewing machine and fabric to manufacture and repair clothing. A loan of $200 is enough to launch a micro-business that provides ongoing support for a family of 10.
We are confident that enduring hope is possible. Poverty's grip can be broken as families and communities find a way out of poverty through targeted investment & economic empowerment.
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