Micro Credit Project in Quito

By supporting a Micro-Credit Project in Quito, Ecuador, our club provides financing for start up entrpreneurs.  This is our second year of this effort.  Micro-credit centers are operated much like credit unions in making small loans to their members who would not qualify for other financing.  When the funds are repaid, the member qualifies for a larger loan and so on.  The default rate on these loans is near zero.  This is the feedback we received from our partner, Quito Occidente Rotary Club, after our initial contribution.  

"I want to update you regarding the $400 you gave us for micro-credits. Your contribution was given to Patricia Peña Sánchez, a member of center No. 38, one of centers we sponsor in the county of Rioverde in Esmeraldas province. She is on her 3rd cycle of loan. She is a very a good member and has already paid regularly her first two loans. She will use the money to raise chickens. Patricia is 37 years old and has two children, the oldest boy is 13 years old and unfortunately disabled and the young girl is 3 years old. As soon as we have a picture of her, I will send it to you."

This year we doubled the amount to $800.