Bamboo business and livelihoods for Ms Lo and friends

from Fund-An-Entrepreneur

by World Vision Singapore

Ms Hung is part of an all-women 9-member group, who have a total of 14 children under their care. The group intends to take a total loan of $7,440, with the purpose of improving their livestock and farming business.

Together with her husband, Ms Hung takes care of their two children (one is 6 years old and other is 2 years old) and an elderly mother. Ms Hung also plays the role of a mother figure to her husband’s 16-year-old sister, who has a mental disability. The family is supported by the small income from collecting bamboo, a 500m2 rice field, and an unstable work of her husband. 

Ms Hung shared: "A cow is the biggest property of all households living in this mountainous village. I always wish to raise cows and as they will give birth every year, I can sell the baby cow to get income for my family or keep the baby cow to expand my breeding model".  She wishes to borrow $1,218 to buy a new golden cow, to earn money and support the 4 people under her care.

Another member of the group, is Ms. Lo Thi Thanh, who has 3 children aged 11, 8 and the youngest one is 1 year old. As the children are still very young, there has to be one adult at home to take care of them. Hence, at each point in time, only either Ms Thanh or her husband can work. 

She shared, “As there is only one main labor in my family, the income is never enough for both, especially for our 3 children to get enough nutrition and have extra classes like their friends do. Investing the bamboo forest is necessary and I can collect and sell bamboo products to get an extra income for my family”.

Ms Thanh would like to receive a loan of $1,218 to renovate their bamboo forest. 

It is difficult for Ms Hung and Ms Thanh to obtain the loan they need for their business via banking institutions, as they may not have the necessary documents, or collaterals required. This means that they are unable to receive the help they need to lift themselves out of poverty via these means. However, World Vision is able to provide an alternate way of taking up loans. By applying through a community group of friends and neighbours who know and trust each other, World Vision is able to assess and provide loans based on the character and longevity of the group. Hence, Ms Hung, Ms Thanh, and the other women in their group will be able to access loans to improve their livelihood and support the vulnerable people under their care. In addition, short discussions on topics of interest such as savings, insurance, budgeting and borrowing wisely are also facilitated during group meetings, enabling the women to increase their financial knowledge and control.

You can now help Ms. Hung, Ms Thanh, and their 7 friends to access microloans. Your support will mean the world to these 9 women, as they gain the opportunity to access the financial help they need to improve their businesses and provide better care for those under them. 

Want to learn more about how microfinance loans can change the lives of women like Ms. Hung or Ms. Thanh? Click here to see Frequently Asked Questions and learn more about mission-based loans provided through microfinance.

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