01 Feb A Microfinance Opportunity in Uganda
I want to share with you all something big that is going on with my two nonprofits, Tricord Global and Wealthbuilders. On Friday I got back from a weeklong trip in Uganda. I was there with Andrew Wommack Ministries, but also to handle some Tricord Global work. Tricord Global is a ministry that approaches cultural change through microfinance and social impact investing. This means we have investors who put money into Tricord Global, we distribute it through a loan process, and then our investors make their money back with interest. Tricord Global has seen wonderful success in changing lives in our various locations. But this new project in Uganda has me more excited than I’ve ever been about an opportunity.
I had the chance to connect with Pastor Herbert Kiwanuka, who pastors Glory of Christ Church in Kampala, Uganda. I learned that Glory of Christ Church is going about providing financial aid to their area in a really unique way. I’ve always had a model of what I think the perfect microfinance set-up would be. And this church is living it out.
Instead of providing loans or aid strictly as a church, these people have gone all the way out by creating a legally recognized bank in Uganda: Glory of Christ Savings and Credit. I was completely blown away! This approach is wonderful because it actually benefits the local economy in a more direct way than church donations. In my opinion, they are going about microfinance in the right way.
Tricord Global has the opportunity to invest $500,000 into this bank. With this money, Glory of Christ Savings and Credit will in turn empower 1,000 local entrepreneurs by loaning them the capital to get a home and start a business. These local entrepreneurs are people who will never receive a loan otherwise, as they have no physical address.
- Actual legal banks that provide microfinance promote a healthy local economy.
- Many aspiring entrepreneurs in developing nations cannot receive loans simply because they do not have a physical address.
- Microfinance allows aspiring entrepreneurs to take ownership in a way that charity doesn’t, because it places responsibility on their shoulders.
If you would like to learn more about Tricord Global, please visit our site here: Tricordglobal.com. Coming up, Wealthbuilders hopes to do some business trainings with this church and their entrepreneurs. Please be praying for Glory of Christ!
What is a way you contribute to social impact?
Come back tomorrow for tips on building your business model!