Zafen, a microfinance initiative that was created to help businesses and provide educational scholarships in Haiti, recently announced that it raised USD 350,000 in interest-free loans and donations during its first year of operations. Approximately 536 projects have been funded by Zafen with loans ranging from USD 75 to USD 5,250. In order to receive loans, businesses must demonstrate how they will have a positive impact on their community. Projects are listed at https://www.zafen.org/projects. In addition to supporting entrepreneurs and farmers, Zafen offers donors the opportunity to fund scholarships for children.
Zafen was founded by the International Vincentian Family, an assembly of people that are affiliated with organizations that support the teachings of Saint Vincent de Paul and Saint Louise de Marillac; DePaul University, a Catholic university in Chicago, Illinois, USA; Fonkoze, a financial organization that serves poor people in Haiti; and the Haitian Hometown Associations Resource Group, a group that promotes social and economic development in Haitian communities.
By Julie Moksim, Research Associate
About Zafen: Zafen was founded in 2010 by International Vincentian Family, an assembly of people that are affiliated with organizations that support the teachings of Saint Vincent de Paul and Saint Louise de Marillac; DePaul University, a Catholic university in Chicago, USA; Fonkoze, a financial organization that serves poor people in Haiti; and the Haitian Hometown Associations Resource Group, a group that promotes social and economic development in Haitian communities. For the twelve months ending April 2011, the program funded approximately 536 scholarships and business projects in Haiti with USD 350,000 in interest-free loans and donations.
Sources and Additional Resources:
Zafen Press Release: “Zafèn Microfinance Program for Haitian Entrepreneurs Marks 1st Anniversary; Raised $350,000 in Interest-free Loans & Donations in First Year”, Information provided to MicroCapital by Zafen
MicroCapital.org Brief, October 8, 2010: Online Microfinance Program Zafen Raises $140,000 For Haiti in First Six Months of Operations, https://www.microcapital.org/microcapital-brief-online-microfinance-program-zafen-raises-140000-for-haiti-in-first-six-months-of-operation/
MicroCapital’s Microfinance Universe Profile: Zafen Microfinance
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Zafen
MicroCapital’s Microfinance Universe Profile: Fonkoze
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fonkoze
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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