The Mount Calvary Malawi Finance Club!
Our newly formed Malawi Finance Club (MFC) has been meeting monthly since travelers returned from Malawi last summer, and the results of their hard work are paying off for the club and the loan recipients. The Finance Club consists of Mount Calvary members that donated funds to create a pool. From this pool, eligible Malawi graduates may apply for small, short-term, affordable loans. The first loans went out a couple months ago, and the recipients have been busy using the funds to building their businesses.
Congregation and Malawi Finance Club members, Carolyn and Dick Shell have had the opportunity to mentor MFC loan recipient, Sandram Mcford who owns a car for hire (taxi) service. When he applied for the loan, Sandram shared that he was unable to keep up with the demand with his one car but also unable to get approved for a bank loan to buy a second vehicle. (It is extremely difficult if not impossible for small businesses to receive bank loans in Malawi, and the interest rate is over 25%.)
Sandram applied for a small MFC loan and was approved for funding to purchase a new-to-him vehicle, doubling his driving fleet. Dick and Carolyn Shell along with our counterpart Ben Meki at the Business Technical Institute in Malawi walked alongside Sandram throughout the process coaching and cheering him on.
Recently, we received the following update! Hello Carolyn & Dick,
I am super excited as am writing to you!
Yes! I got the funds amounting 3,369,000 Malawi kwacha. Thank you so much for trusting me with these funds. I am looking forward to itS success.
I have just bought the car today. It is a second hand car. The prices of goods in Malawi have gone very expensive. I projected to buy a second hand car at 3,000,000 kwacha but with kwacha devaluation the plan has changed. The vehicle was going at 4,000,000. I have added my savings to make it work.
However, I thank God for the opportunity and I thank you so much for your trust. We can’t run away from difficulties but we can at least manage them. I am praying for the success of this business. May God bless you. I don’t take this for granted. I am grateful. I am looking forward to see how the business goes and also to start repayment the loan.
My family is also grateful for this opportunity. Things are currently hard in Malawi. It’s not easy to raise enough funds to do something. This is huge for me, my family and my community. Please I have attached the photos for the new car. It’s Nissan March.
In God’s love-Sandram Mcford.
Thank you to everyone who has supported the Malawi Global Missions program and the Malawi Finance Club. Your support is keeping hopes and dreams alive for families in Malawi. Watch for more updates from other recipients!