Comments from some members of Village Savings and Loans groups trained and supported by Just Small Change:
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Before, I was covered in dirt, digging in the bushes, working in gardens, everyone despised me. But since I joined the savings group I am a respected woman in the community (Mother with six children) |
After training, I saved hard and bought a few shoes to sell. I went around the villages and sold them all. My business has grown; My shoe stock is worth over (£65), I am so delighted. (Single mum, seven children,) |
I feel so positive since the savings group came. It has created a community, I have friends here now, we all support each other. I have borrowed to start a business. Life is improving and I am a changed person. (Single mother of three) |
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Before the savings group came, I was not a respected woman in the community. I was despised and I had little hope. But when I was able to borrow a little money, I bought a few kilos of broken rice and sold it by the cupful. Each time I sold out I reinvested the profit and now my stock is fifty kilos! (Single mother of four children) |
I feel so positive since the savings group came. I’ve been going out looking for any work I can get so when we meet I have a little money to add to my savings. Soon I will be able to borrow and set up a business. I will build it up over time and earn income from outside the village (Young mother of six)
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The children couldn’t take their school exams because I was not able to pay the fees. But I borrowed, so they sat their exams. Now I am managing to earn some money to repay the loan, and I am saving too. I am hoping to buy a cow, so I can sell her calf each year, to pay for the children’s education. (Grandmother supporting six children) |
The Village Savings and Loans project is a simple but very powerful way to increase households’ income and resilience, and to foster greater co-operation in the local community. Members learn to work together, combining their small savings to make a viable amount for some members to then borrow and then repay with interest. Loans are often used to start or expand a micro business, or to spread the cost of medical expenses or school fees. Some members simply save, glad to know they have funds to fall back on if times get hard.
Everyone benefits from earning interest on their savings. Groups are self-selecting and choose their own officers; members trust and support each other, vetting and advising on borrowers’ business ideas. Cash is kept in a strong-box with three key holders.
After 12 months, all loans have been repaid and the accumulated savings are distributed back to the members with a share of the interest earned. Then the group starts a new savings cycle.
All members of new groups receive training, with additional training given to the group’s officers. Ongoing supervision and support is provided.