Women’s International Loan Fund Makes Female Entrepreneurs

If you live in a country where women are not only allowed to work, but encouraged to do so, you may not be aware that there are still many places in the world where opportunities for females to work simply do not exist.  On top of this, smart and motivated women who are eager to learn a trade that helps them support their family will probably face a battle on multiple fronts.  Not only will they have to contend with a husband who is threatened by their independence and a community that clings desperately to traditional gender roles, they are also generally unable to secure the funding needed to start their business venture (even if it is only a small amount).  To this end, the Women’s International Loan (WIL) Fund strives to provide entrepreneurial women across the globe with a chance to make their business dreams into a money-making reality.

The Fund starts the process by taking donations, which it then passes them along to female applicants in a number of countries throughout Africa, Asia, Eastern Europe, and Latin America.  In many cases, these loans are small (ranging from about $50 to around $1,000), as are the businesses started by the women who take them.  This is largely due to the fact that the types of businesses these women start are, by necessity, confined to their home or the immediate surrounding area.  Many of them live in small communities and provide services to only a handful of people (although in some cases they are able to expand).

Most of the loans go to agricultural services such as farming and livestock.  In some cases, the entirety of the loan goes towards the purchase of animals, feed, seeds, and fertilizer.  In other cases, further money may be required for equipment specific to a trade, such as a press needed to extract oil from sunflower and peanut crops, or wheeled carts used to promote a food business.  Many women also opt for home-based business that better suit an urban lifestyle, such as a laundry service (where the loan would go to pay for a washer and dryer as well as the electricity needed to run them).  In any case, only a small amount of money is needed to get these businesses up and running.

But this is where the concept gets to be very forward-thinking.  The women who start these businesses are receiving a loan, which means they are expected to repay it with interest.  When they do so, the money that comes back to the WIL Fund is then given to other women who wish to start a business, so that each business fuels another (or several others).  In this way, the cycle perpetuates and more and more women are given the opportunity to become entrepreneurs.  But how does this process affect the lives of women who are selected?

As the bread-winner in the family, many of these women are able to bring husbands and other family members on board over time, increasing the value of their business as well as improving their family life.  In addition, they bring their good fortune back to the community by investing in the businesses of others.  Women with money to spend are likely to use it first to feed, clothe, and house their family.  All of this requires them to seek goods and services from others, which improves the overall local economy and makes these entrepreneurial women into people that are often powerful and respected members of society, improving the lot for all women in such locales.  In short, this program not only empowers women financially, it also changes their lives for the better and allows them to give something to other women who find themselves in the same boat, with no money and no prospects for a better future.

Shirley Simspson writes for Cheap Car Insurance where you can compare rates and the find the best deals on auto insurance.