Micro loans have long since been considered common sense and the only way to ensure the sustainability of a micro-finance practice. Most micro lenders believed the act of paying back the loan would instill a sense of “ownership” in the loan recipients.
The Asomugha Foundation applauds the efforts of well-intentioned micro-loan programs but has also observed the negative effect that some of these loans can have on a person, village and community.
As such, the Asomugha Foundation, through OWIN, has established a micro grant program. Why grants and not loans? We believe grants, unlike loans, can create independence and cultivate sustainable development in a community. A loan is a financial arrangement in the business of making profit for the lender, but a grant creates a flexible space for positive relationships and an empowered individual. To be eligible for a micro grants from the Asomugha Foundation, widows must first complete a vocational training program and take clear steps towards their entrepreneurial vision.
In return for the grant the Asomugha Foundation simply asks that the recipient find a way through their efforts in business to extend aid, be it monetary or not, to others in their own community – a practice known as “paying it forward.” By “paying it forward” to a neighbor or community member rather than paying the organization back, we are asking micro grant recipient to do only what we ourselves do. Paying it forward starts with those that donate to our Foundation and then passes on to many more throughout the world. Our belief and experience is that after receiving a grant, people are empowered to be givers in their communities.
Become a part of our collective mission and help us pay it forward, so others can do the same. DONATE today.