When we talk about the microfinance program, people often ask what truly is microfinance? We offer lunch and learns to walk through the program, but we understand that some people can't always attend a middle of the week luncheon.
Therefore, we wanted to offer a brief synopsis of the program for those who need it.
First, what is microfinance? Microfinance is simply the funding of small business loans in small amounts. Loans are never greater than $10,000.
Second, who receives the loans? Loans are dispersed to groups of students who are vetted and approved by trained Cuban trustees from seminary, business, and church backgrounds. The students walk through a stewardship and small business training in order to have a foundation for developing business proposals. The proposals are presented to the trustees who then determine if proposals will be approved, modified, or rejected.
Third, how do we sustain this program? Not only are entrepreneurs required to repay their loans (in order to fund more loans), they are in constant communication with their trustees and our team in Cuba. In addition, they are paired with an American business professional who mentors them and builds relationship with them as they walk through the early days of starting a business.
Fourth, what is the goal? Ultimately, we want to help Cuban citizens not just survive but thrive by having the opportunity to start successful businesses in which they can take pride.
Last, are there problems? Of course! This is a brand new program that is highly counter cultural to the Cuban life and business style. We are fully aware we will hit rough patches along the way. However, the Lord is faithful in the little, and He will be faithful in the big!
