Vinh Phu and Quang Phuoc , Hue City
sponsored by VESAF
The Vinh Phu and Quang Phuoc communes Microfinance Program is Hearts for Hue second Program under its Microfinance Project.
The Microfinance Project of Hearts for Hue was established with the aim to reduce poverty and to help fishing households achieve sustainable financial independence through the provision of loans for small enterprises; and to develop the capacity of poor members of the community to improve their livelihoods with training and education programs.
With an initial budget of 20,000.00 US$, this Program is sponsored by VESAF. (Vietnam Educational and Social Assistance Foundation) a 501(c)(3) nonprofit charitable organization, founded in 2014 whose goal is to provide educational and social assistance to impoverished, underserved communities in Vietnam
Reduce poverty and help fishing households achieve sustainable financial independence through the provision of loans for small enterprises;
Develop the capacity of poor members of the community to improve their livelihoods with training and education programs.
Location: Vinh Phu (where families have been affected by the FORMOSA steel mill environmental incident) and Quang Phuoc commune, Thua Thien Hue, Vietnam.
Main donor: VESAF (Vietnam Educational Social Assistance Foundation)
Total estimated budget: 100,000.00 USD
Estimated beneficiaries over the duration of the Program: 500 poor farmers
The main characteristics of the Loans are as follows: the average amount of the loans to each participant will be 7.000.000 VND (approximately 310 US$): the purpose of the loan may vary to include any activities that will increase borrowers’ livelihoods such as breeding livestock, cultivating crops, fishing equiptment, etc. the term of the loans may vary from 12 to 24 months depending on each borrower solvency.
As a condition to its participation in the Program, borrowers must join a Savings Program. Borrowers have to make monthly saving contributions of 10.000VND (US$ 0.5); contributions accrue interests monthly at the rate of 10% per year; Saving contributions are fully refunded to borrowers at the end of their participation in the program together with accrued interests. Optional saving programs are offered to borrowers according to with their needs and solvency.
The Specific Training will consist of assistance to the borrowers to develop their business and their business skills; techniques for the management of the funds arising from the microloans