09 Oct Empowering Entrepreneurs Globally
People often ask me how Tricord Global works. I am incredibly passionate about this organization, so I thought I would break it down for you all here.
What is Microfinance?
Tricord Global is my nonprofit organization that provides microfinance loans to entrepreneurs overseas. Microfinance loans are exactly what they sound like: small loans for the impoverished that help them move to a more stable place in their financial lives. Our goal is to give entrepreneurs small loans with a sustainable interest rate so that they can grow their business. Once their business begins to grow, we will lend them larger sums of money, which will allow them to grow even more. The cycle continues, these entrepreneurs employ others and bring their local economy up. On top of that, we provide education and accountability groups so that our clients can learn how to master their money as well.
The SAACO vs the Bank
Once we had partnered with Glory Savings and Credit for a while, we realized the people of Uganda needed more. Once we helped the entrepreneurs to become economically active, we wanted to give them more financial opportunities. We opened a bank called Glotrans, which provides larger loans to those that needed more. I am so excited that we can not only move people from the first step to the second but the second to the third as well. Now, these entrepreneurs are able to make an impact in their own community by employing others and giving them their start.
This system is why I am so passionate about Tricord. We don’t just give a man a fish, we teach them to fish so that they can eat for the rest of their lives. When our money stops flowing into their pockets, they have the tools and knowledge necessary to make money for themselves.
From the Field
On Friday, I posted a video on my YouTube Channel from my last trip to Uganda. In it, I interview some clients of ours that have a butcher shop and have moved up the economic scale. Their testimony is incredible, and I love seeing these stories come to life. Watch it here:
Investments NOW OPEN!
Because this investment is such a unique opportunity, we have select times where we open it up to new investors. I am excited to announce that investments are NOW OPEN! They will only be open for a short time, so be sure to inquire about this great opportunity now!
What questions do you have about social impact investing? Leave them below!