Women come forward as groups and apply to the Foundation for Women Liberia (FFWL). Beginning with business training, a loan product is fit to the businesses and needs of the women, though generally the first cycle loan is approximately LD$7000 (US$100), with loan, interest and savings. Loans are repaid over the course of 6 -7 months, and weekly meetings serve as the repayment vehicle, but also a
time for women to come together to improve their community. The FFWL uses strict controls in the field and the main office to ensure the collection, deposit, and tracking of all loan disbursements and repayments. These measures are fully outlined in the FFWL Business Plan in the attached Appendix. Through this system of checks and balances, the loan disbursements, repayments and deposits are confirmed to the borrower, borrowing group, center, and main office ensuring full transparency and record of all transactions. The solidarity borrowing group model decreases delinquencies as there is group responsibility for the loan, as well as the support given by the group members in terms of helping each other’s businesses succeed. Should there be a delinquency, often times due to a natural disaster, fire, family emergency etc, then the borrowing group will meet with the FFWL to discuss the loan and possible options including refinance. In addition to providing small loans to women’s groups, the FFWL has taken on two educational-related projects that complement its microcredit program. As part of weekly meetings, borrowers participate in a literacy education program, attending basic adult literacy classes that cost less than $1/month per woman to provide. Additionally, the Foundation for Women Liberia has created a scholarship education program, raising funds for and encouraging children of borrowers to attend primary school and high school, as well as local university. At the encouragement of the Foundation for Women Liberia, women’s groups have rebuilt schools, planted community gardens and formed marketing cooperatives. The FFWL sees the loans as merely a way to unlock the creative and community driven potential of these powerful women.
