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Investing in health, empowering women

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A few years ago, a family in Niquinohomo, Masaya, Nicaragua was forced to shut down their chicken farm – a business that had been their livelihood for as long as Cintya Torrentes could remember. The farm belonged to Cintya's parents and it wasn't producing enough to support their family of five.

"I thought I was going to have to leave my family and find work someplace else, maybe even in a different country," Cintya said.

Jobs are scarce in Nicaragua, where nearly 50 percent of its residents live in poverty. Organizations like the Asociación de Consultores para el Desarrollo de la Pequeña (ACODEP) help women like Cintya stay and work in the country by offering business training and microfinancing to female entrepreneurs.

Microfinance, also known as microcredit, was developed thirty years ago by Nobel Peace Prize winner Muhammad Yunus. It’s a system of small loans lent to those previously considered "unbankable." The idea is that the loans, often as little as $2, will be repaid slowly with minimal interest, creating a banking structure where none had existed, and giving people access to services they’ve never had before.

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2 comments

Nancy

Great idea and practice.

Thu 07/07/2011 06:05PM

Eric

great story

Fri 06/10/2011 11:58AM

About RESOURCE FOUNDATION INCof New York

Description:

The Resource Foundation works to promote effective philanthropy to Latin America and the Caribbean, which will result in empowering the disadvantaged with the skills, knowledge and opportunities to improve their lives. It assists US donors interested in supporting programs and organizations in the region. By providing specialized, tailored services, The Resource Foundation ensures that donors'' philanthropic vision is realized; that their support goes to effective, sustainable organizations with a proven track-record of long-term success; and that the impact of their support is monitored. Over the last 24 years, The Resource Foundation has built an extensive network of effective nonprofit organizations in Latin America and the Caribbean that share the ultimate goal of improving the quality of life of the region''s disadvantaged through the creation of opportunities.

Location:

New York, NY USA

Interest Area

Economic Development

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