Portal links women to finance
BUSINESS| Jan. 6, 2011, 8:32 p.m.
A new portal has been launched that will help women entrepreneurs around the world to get microloans to help them grow their businesses.
Financial Independence Through Entrepreneurship, FITE, is a campaign designed exclusively to benefit women entrepreneurs and marks the first time that an open microlending platform has been created that is accessible to consumers online, offline and through retail channels.
It targets entrepreneurs who are too poor to qualify for traditional financing. FITE notes that 70% of people living in poverty are women.
While research has shown that women who are financially independent can be the greatest agents of change in their communities, only 2% of all international aid money goes to women. The joinFITE campaign has as its initial goal helping at least 25 000 women start or grow a business in the next two years.
Its portal, www.joinFITE.org, was launched this week by personal microlending site Kiva.org with support from skin care firm Dermalogica.
The campaign reports that it is off to a promising start: only days into the project, it has made 88 loans so far and 37 people have already paid a percentage of their loans back, while two loans have been completely repaid.
Loans that are repaid into the fund are then used to help fund the next entrepreneur.
The new site allows members of the public, companies and other organizations to donate money for use in the programme, and select which entrepreneur, region or industry the funding should go to.
MORE BUSINESS NEWS
MTN Business launches Supplier Development Programme in MpumalangaMTN Business has reaffirmed its commitment to develop small and medium-sized enterprises (SMEs) within Nelspruit by extending its Supplier Development Programme (SDP) and Accelerator Programme (AP), the company’s enterprise development initiatives, to the Mpumalanga Province of South Africa. Read More
VMware appoints Senior Vice President and GM of EMEAVMware, a global leader in cloud infrastructure and business mobility, today announced the appointment of Jean-Pierre Brulard as Senior Vice President and General Manager of EMEA. Read More
InfoGraphics chief urges investment in tech start-upsThe Managing Director of InfoGraphics Nigeria, Chinenye Mba-Uzoukwu, has urged wealthy Nigerians to invest in tech start-ups. Read More
Convergence Partners acquires stake in Nigerian Fintech firmConvergence Partners has announced an investment of $20m for a strategic, minority stake in Venture Garden Nigeria. Read More
MTN Business augments its management team further with key strategic appointmentMTN Business SA has appointed an industry veteran, Mariana Kruger, as General Manager of Private Sector. Read More
SA Competition Tribunal approves Telkom-BCX mergerBusiness Connexion Group Limited has announced that the Competition Tribunal of South Africa has approved the proposed merger between Business Connexion Group Limited ("BCX") and Telkom SA SOC Limited ("Telkom") with the imposition of conditions. Read More
Kenyan SACCOS riding on innovation to attract customersAs confidence in mainstream banks remains low due to prohibitive interest rates, customers are embracing Savings and Credit Cooperatives (SACCO) as an alternative. Read More
BITC invites ICT investorsThe Botswana Investment and Trade Centre (BITC) is casting its net wide to appeal to players in the Information Technology sector to invest in the country. Read More
Yudala ‘an unstoppable movement’The opening of Yudala outlets, combining an online shopping platform with retail stores, has been described as a game-changer in Nigeria. Read More
Travelport, TTS sign reseller agreement for Africa, Middle East and Asia Pacific regionTravelport and TTS have signed a sales and distribution agreement for TTS products in the Africa, Middle East, and Asia Pacific regions. Read More
FEATURED STORYYoung innovators shine during pitch sessions
Botswana saw an array of upcoming tech wizards selling their ideas during the Vendors’ Day pitch sessions this week.
BEST READ NEWS
IN DEPTHHigh tech homes: Just press play
High tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology.