According to the World Bank a little over 50% of mexicans live under the poverty line, which means that they live on less than $2 dollars a day. As you can imagine it is very difficult for this group of people to get loans through traditional banks. Because of this many are forced to take out loans from individual money lenders that charge excessive fees and interest rates, which sometimes can exceed 80% annually. Inevitably the borrower ends up worse off than before taking out the loan because it is almost impossible to keep up with the monthly interest.
Currently it is estimated that only one out of every eight people who could benefit from microcredit do not have access to it. Our goal is to reach as many potential borrowers as possible in order to help reduce the percentage of women that live under the poverty line in Mexico. This is where we need your help.
Our first round of funding will be donation only. Our goal is to reach $10,000 USD and be able to make loans to 50 people in the Baja California Sur area. Our hope is that we will be able to recycle this first round of funding and lend to others once the original loans are repaid.
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- Melissa Brock
- Pino Moncho
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