Archives For loans

In the Dominican Republic, a batey (pronounced “bah-TAY”) is a community made up primarily of families who immigrated from Haiti to work in surrounding sugarcane fields. These underserved communities are often located hours away from the nearest city. As immigrants, many families living in bateyes lack the necessary legal status to receive financial services, education, or medical services.

When Esperanza, HOPE’s microfinance partner in the Dominican Republic, first arrived in Batey Margarita in 2006, Jacobo Benjamin was the first of his neighbors to take out a loan. Previously, Jacobo had worked in the nearby sugarcane fields, cutting and processing the crop. But when the processing company announced it was closing, Jacobo knew he’d need to find a new source of income.

With his loan from Esperanza, Jacobo opened a colmado, or corner store, allowing him to provide for his family and meet a key need for his neighbors.

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Jean Claude Kubwayo knew that goats would be a wise investment.

In rural Burundian communities like Jean Claude’s, goats and other livestock can provide a regular supply of meat, milk, and manure for crops. Animal products add nutritional and caloric value to a family’s diet, so simply owning livestock can improve a family’s overall health. Continue Reading…

K-shaped recovery

The United States is currently experiencing what economists are calling a K-shaped recovery. This occurs when, following a widespread and significant economic dip, certain portions of the economy begin to move toward economic recovery, while others stagnate or fall even further. A K-shaped graph helps explain why recovery following the pandemic seems to be occurring unevenly—while some industries (and people) are returning to normal or even improving, others are experiencing the very opposite.

This phenomenon seems to be occurring globally, as well.

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Carrole Moussengue

2020 was the most challenging year in HOPE International’s 23-year history. Although we felt the strain of the pandemic on HOPE’s operations, the hardest part was witnessing many of the men and women we serve endure illness, loss of life, overwhelmed health care systems, shortages, halted businesses, and falling income.

Microfinance institutions (MFIs) across the HOPE network rallied to assist struggling entrepreneurs, but with markets closed and commerce grinding to a halt, the outlook was grim for both MFIs and those we serve. We began to see a chain reaction play out across our network’s operations:

COVID-19 hits, mandated lockdowns instated, businesses close and/or sales decrease, household income lost, loan repayments missed

But today, we’re excited to report that we’re seeing encouraging signs of recovery in HOPE-network microfinance institutions. We celebrate these because they indicate not only that our operations are returning to health but—even more importantly—that the families we serve are seeing their lives stabilize. Thanks be to God! Continue Reading…

“Blessed are those whose strength is in you.” Psalm 84:5a

This Mother’s Day, join us in honoring them by reading how three tenacious mothers, rooted in God’s strength, are overcoming obstacles to invest in bold dreams. Continue Reading…

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. ”