Microlending and Business Development
Many would-be entrepreneurs living in Chimbote do not have the opportunity to bring their dreams to fruition limited by a lack of established credit, business knowledge, and connections. This is changing as the mission’s business development and microlending programs continue to grow. We firmly believe that microloans, along with business development tools and training, can pave the way for sustainable change that empowers those living in poverty to become self-supporting members of their community.
In 2000, thanks to the determination and financial support from one of our sister parishes, Church of St. Michael, Prior Lake, MN the first microloan was made possible at the mission. Since then, more than 2500 people have been recipients of a microloan averaging $400. Rooted in the belief that a loan is much more than a check and that it signifies empowerment and trust in the loan recipient, we are committed to providing the resources for determined men and women to become successful. Not only is the loan recipient transformed, but so is their family and their community. Over time, the cycle of poverty that has often been in place for generations is broken.
A microloan without knowledge of business skills is not enough to help most entrepreneurs reach their goals. Therefore financial and business skill training is available to microloan customers. Local business men and women share their knowledge and expertise since they know best what infrastructure is in place to support new businesses, as well as community needs and challenges. Mission staff help with business plans, lay out a viable loan repayment plan and are available for consultation and support along the way. Thus, an entire community works together for the success of every microloan client.