News / Industry News Article
Poverty Alleviation program launched in Lao CaiMay 14, 2009
As we approach the two-year anniversary of NorthWood’s poverty alleviation initiative, we can celebrate the signed acceptance of our Emergency Loan Pilot in Vietnam. Final signatures from officials in Lao Cai Province were received in April, loan recipients have been interviewed by DoLisa, and pilot funds have been wired to Vietnam.
The Emergency Loan Pilot concept was suggested by local officials in Loa Cai during NorthWood's October 2007 discovery trip. Through the collaborative effort of NW, GVI, and officials in Loa Cai, we created a program that will 1) provide bridge capital to local village businesses and farmers in times of emergencies and 2) provide business expansion loans for village businesses and farmers. These small loans (maximum of $125 USD) will be generated and collected by DoLisa - the equivalent of our welfare agency here in the US. The program will pilot for 12 months and, upon review, may extend up to 3 additional years.
Here’s the exciting part... NorthWood will be able to personally interact with past, present, and future loan recipients to monitor, track, and assess the impact of this program. This gives us a chance to get to know the loan recipients personally and allows us to share and learn from each others' lives.
There are places on GVI-NorthWood's October 2009 service trip - pray about attending the first ever Poverty Alleviation trip! Email firstname.lastname@example.org with enquiries.