Micro-Enterprise Development
In 2009, MJP conducted a survey showing that approximately 67% of households in Samlout held loans worth, on average, $650 USD. Interest rates on the loans averaged 3-5% per month. The survey also revealed that the local lending agencies provided loans with limited to no financial management/basic book keeping workshops to the borrower. As such, MJP established a micro-credit Plus project to help reduce household poverty by providing loans, with little to no interest, to the poorest households. Families are also given basic financial management courses and farmer training schools to provide them with the essential skills to start small family businesses and to efficiently manage their household finances.
Currently, MJP is working in 6 target villages and creates 7 new micro-credit groups with 93 new members for a total of 245 members and 19 micro-credit groups: In 2009, 12 groups with 152 members were created. In 2010, MJP provided $25,439 USD in loans to 201 farmers. All borrowers/members paid back their loans on time.