Liberian Senate President Pro-Tempore Gbehzohngar Findley reportedly has disbursed LRD 600,000 (USD 8,100) to provide microloans for small-scale retailers in Liberia’s Grand Bassa County. Sources indicate that the funding is from Senator Findley’s personal funds rather than government coffers.
The money, disbursed evenly among sellers at six markets in Buchanan City, is the first part of a planned LRD 1.4 million (USD 18,000) revolving loan fund. The remaining money will be disbursed to other markets as soon as structures are established to manage the funds. Borrowers, mostly women, will pay a maximum of three percent interest that will be deposited back into the loan pool. The period corresponding to the interest rate has not been specified.
Senator Findley also reportedly claimed that the fund amount could be increased to LRD 3 million (USD 41,000) based on the repayment rate of the initial loans.
The three Liberian microfinance institutions (MFIs) that reported 2010 data to the US-based nonprofit Microfinance Information Exchange (MIX) held an aggregate gross loan portfolio of USD 2.7 million disbursed to approximately 26,000 borrowers.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
All Africa: “Liberia: Pro-Tempore Pledges LD $1.4 Million to Bassa Women,” http://allafrica.com/stories/201204170781.html
MicroCapital.org story, March 16, 2012, “MICROCAPITAL BRIEF: Prince Tonye Princewill of Nigeria Creates Microfinance Fund for Women in Rivers State,” https://www.microcapital.org/microcapital-brief-prince-tonye-princewill-of-nigeria-creates-microfinance-fund-for-women-in-rivers-state/
MicroCapital.org story, January 25, 2012, “MICROCAPITAL BRIEF: Central Bank of Liberia Launches $2.7m Loan Facility for Microfinance Institutions, Backed by United Nations Development Program,” https://www.microcapital.org/microcapital-brief-central-bank-of-liberia-launches-2-7m-loan-facility-for-microfinance-institutions-to-be-implemented-by-afriland-first-bank-backed-by-united-nations-development-program/
MicroCapital.org story, September 21, 2011, “MICROCAPITAL BRIEF: YMCA Launches Ymicro to Raise Donations to be Disbursed as Microloans in Colombia, Sri Lanka, Gambia and Liberia by YMCA Banches, Microfinance Institutions,” https://www.microcapital.org/microcapital-brief-ymca-launches-ymicro-website-to-raise-donations-to-be-disbursed-as-microloans-in-colombia-sri-lanka-gambia-and-liberia-by-ymca-branches-microfinance-institutions/
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