20 Apr Kiva Update: Angèle, a Charcoal Business Owner from Togo, Africa
Veracity Solutions is dedicated to our goal of spreading an entrepreneurial spirit across the globe. That goal has inspired us to fund dozens of micro-loans through Kiva. Every month we reinvest funds from successful loans into additional worthy projects.
To date, we have funded 25 Kiva loans in 19 countries for a total amount of $10,375. More than half of the loans have been paid back in full or are near completion. Currently 25 of 25 loans are in good standing and set to be paid back on time.
Here is a highlight of one of those success stories.
Tucked away between Ghana & Nigeria on Africa’s west coast is the teeny-tiny country of Togo. Angèle, a mother of 5, helps support her husband and children by selling charcoal in the local market. Her loan of $875 allowed her to buy 77 sacks of charcoal for her business. The financial strain for a large purchase order can become overwhelming especially when living in an area which has an average annual income of only $1,500. Angèle has been amazing thus far and has currently paid back nearly 50% of her loan and is on schedule to complete her loan on-time.
These microloans are of high value to all those who borrow through Kiva and to the lenders of these loans. The knowledge of contributing to positive change somewhere across the globe is an amazing reward.