P-2065

Microloans

Description

Financing

Documents

Photos

History Logs

Project Description

Country: Tbd

Location: Tbd

Total Budget: $1,000

Area of Focus: Economic and community development

Activity Type: Community Development: General

Summary: Provide microloans to small businesses and/or individuals to spur economic development.


This project will focus on helping to grow local economies. We have chosen to work with KIVA. KIVA is an organization that administers microloans around the world. Their website provides a database of individuals and businesses that are requesting loans for various reasons. We are proposing investing a total of $1,000 into one or more businesses. We consider this an investment versus an expense because the initial $1,000 has the potential to help multiple individuals over time. This is a loan, not a gift or grant. KIVA representatives work with the business to set up a payment schedule for repaying the loan. The loan payments are deposited back into our KIVA account and are available to reinvest into another business. While there is always some risk that the loan will not get paid back, there is a much better chance that this original $1,000 will be reinvested multiple times. We will keep our members engaged with this project in several ways. First, by working as a club to select businesses that are meaningful to our members. Then we will periodically review and report on the status of the loans. As the loans are repaid, the club will be looking for new opportunities to reinvest the money from our KIVA account. The initial investment of the $1,000 will be made prior to December, 2018. To reach our goal of $1,000, we are requesting a matching grant of $500.

Project Contact Person

District: 5010

Rotary Club of: Eagle River Area

Primary Contact: Tim McLain

Email: mclain180@me.com

Project Status

Paid
This project is "Paid". This means that the funds from the district have been issued. This project is now being ready for implementation. When this is done, a report needs to be uploaded on the project page and the "Reported" button needs to be clicked, then the status of the project will be changed to "Reported".

Project listed for the 2018-19 Rotary Year.

Proposed Financing

Existing Contributions Towards This Project

Date

Cash

DDF

Total

Eagle River Area (5010)

14-Apr-18

$500

$500

$1,000

Total

$500

$500

$1,000

Project Supporting Documents


There are no documents yet for this project.
Go to the administration page to upload documents.

Project Photos


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History Log Entries

14-Apr-18

System Entry

System Entry: Creation of project page.

14-Apr-18

by Tim McLain

System Entry: Project sent for club signatures.

14-Apr-18

by Tim McLain

System Entry: Project signed by Tim McLain.

16-Apr-18

by Brad Gamble

System Entry: Project signed by Brad Gamble.

16-Apr-18

System Entry

System Entry: Project signed by Felix Montero.

4-Jul-18

by Tim McLain

Project is waiting for the funding to drop.

12-Jul-18

by Denise Ringhand

System Entry: Project approved by the District Approval Committee.

23-Aug-18

by Charlotte G Tharp

System Entry: Check for DDF payment issued by Foundation Treasurer.

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