Archives For Invest Credit

If given the opportunity, 50% of Moldovans would leave their country to work abroad.

And many have left. Moldova’s emigration rate is the eleventh highest worldwide. Since the 1990s, a shortage of stable jobs has led thousands to move abroad in search of work, and this trend continues today: Between 2000 and 2014, the number of people who traveled abroad to find work grew from 138,000 to 341,900—a 147% increase.

To keep Moldovan workers close to home, stable jobs are critical. And for a developing economy like Moldova’s, small-and-medium-enterprises (SMEs) fill this employment gap, with 63% of employable Moldovans working for an SME. As these businesses grow, the economy adds more local jobs—and fewer people must leave their families and communities.

Yet, credit barriers prevent many small businesses with the potential to provide much-needed jobs from expanding their businesses further. That’s why Invest-Credit, HOPE’s microfinance partner in Moldova, equips entrepreneurs with larger loans to help them scale their operations and reach their potential. As these two stories demonstrate, entrepreneurs like Petrov and Sergiy are tackling the challenges of poverty in their communities. Continue Reading…

Around the world, HOPE-network clients are accessing financial services to grow their businesses. Join us in celebrating the ways these hardworking men and women are using their gifts, abilities, and creativity to support their families and impact their communities.
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Jacob and his wife

Each year, we celebrate clients who demonstrate HOPE’s values of perseverance, compassion, character, and creativity by announcing Thurman Award winners. Established in honor of HOPE’s first CEO and his wife, the Thurman Award celebrates clients who have not only experienced change in their own lives but have also extended that transformation to others in their community. We’re excited to share the story of this year’s honorable mention from Eastern Europe: Jacob Timos.

Over 10 years ago, Jacob Timos used his first loan from HOPE’s partner in Moldova, Invest-Credit, to open a rabbit-breeding business. He started with just six rabbits, and with additional support from Invest-Credit, he has significantly grown the business, selling rabbits to customers as far away as Germany.

Recently, Jacob bought more land and started growing raspberries in partnership with another Invest-Credit client. He says, “Without loans from Invest-Credit I wouldn’t have been able to start my business and grow to the level where I am now.” Jacob has referred over 200 clients to Invest-Credit! Operating a sustainable business in an area where many struggle to make ends meet, Jacob is an inspiration to his neighbors, who often ask him for insights on good business development. To help others provide for their families, Jacob has given away rabbits so that they can start their own rabbit-breeding businesses.

As a pastor, Jacob is passionate about seeing Christians in his community reflect the Gospel in their work, saying, “So many believers run businesses here, create jobs for others, and provide services. … Pray that people will turn to God here in Straseni. … That they would come to faith and know Jesus. That is the most important thing. ”

With dirt still in her fingernails from digging in her garden, Victoria proudly displays her produce—green and red peppers, tomatoes, cucumbers, and beans.

Six years ago, Victoria used her first loan from Invest-Credit, HOPE’s partner in Moldova, to buy the frame structure for her greenhouse. She uses it to grow produce, which she sells to retailers in bulk. The greenhouse enables her to continue growing produce throughout the cold winter months, thus increasing her profit. Continue Reading…