Funding and training for 25 micro-entrepreneurs

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Project details

Complete
Area

Business

Region

🇸🇱 Sierra Leone

No. People Impacted

👩🏿‍🦲 25

Additional data

Loans provided

25

Amount raised for this project

$2,520

Deployed via
Internally raised

$2,520

Externally raised

$0

We've raised the necesary amount to carry out this project. If you'd like to contribute to upcoming projects join our village.
About

This project will support a group of 25 entrepreneurs in Freetown, Sierra Leone.

Each entrepreneur will be provided with approximately 1mSLL in funding plus training and ongoing support to help them make their businesses profitable, which will be organised and carried out by our partners Munafa Social Microfinance.

Challenge

The population in Sierra Leone is mostly rural (62%) and mostly young (42%). 70% of young people are unemployed or underemployed.

Munafa works in 8 vulnerable communities in Freetown which are among the most deprived slums. These communities face a range of challenges including precarious housing, lack of schools, lack of health services, poor sanitary and waste disposal systems, poor infrastructure and high vulnerability to natural disaster.

To make a living, many people run informal businesses like small grocery shops, workshops, peasant farming or livestock, hawking, cookery, etc. However, they often lack access to affordable funding and training to make their businesses more profitable and to improve their problem-solving and decision-making ability.

Solution

We, in partnership with Munafa, will fund a group of 25 entrepreneurs in Freetown.

Before receiving funding, the selected group of entrepreneurs will receive 6 initial training sessions delivered by Munafa. After this, they will receive individual loans based on their business needs and their capacity to repay, without the need for collateral or joint liability.

In addition to the business loans, the entrepreneurs will receive education about savings and receive help to establish a personal saving plan.

Twice a month, field officers will meet the entrepreneurs in groups. During these bi-weekly meetings, Munafa field officers will manage the loan repayments and savings collection and provide training on economic and social topics to help entrepreneurs strengthen their businesses as well as their families and communities.

Impact

Access to affordable funding and training to make their businesses profitable is a big challenge for entrepreneurs, especially those in vulnerable communities. Munafa’s holistic approach not only equips the entrepreneurs for business success, but also provides a strong foundation for long-term financial inclusion.

Munafa means ‘to prosper’ in local dialects. 89% of the entrepreneurs Munafa supports are women. Our funding will help those women to prosper, and support them in their incredible efforts to make their families and communities prosper as well.

Updates

From the field

Checking on the entrepreneurs in Moa Wharf

Posted by Rumbi

Posted 6 October 2021

The flooding situation has greatly improved in Moa Wharf. As a consequence, the entrepreneurs in the Tafataneh group are proceeding well with their training and their loans.

The entrepreneurs have completed training on budgeting and how to set prices. Attendance has remained generally good, but there are some entrepreneurs whose attendance and punctuality has slacked - this might affect the renewal of their loans.

Loan repayment has also remained high, although worsened socio-economic conditions in the wider community and growing inflation is affecting some of the entrepreneurs' businesses. Despite this, two entrepreneurs have already fully repaid their loans. They are now eligible to get a new loan of roughly £160, double the size of their original loan.

Floods are disrupting some of the businesses in Moa Wharf

Posted by Rumbi

Posted 17 August 2021

The entrepreneurs in Moa Wharf had their most recent training on “husband and wife relationships”. They said it was their favourite training topic so far.

Their businesses, which are mainly around fish drying and selling, are being disrupted by heavy rains and flooding as it becomes significantly more difficult to buy fish at the peak of the rainy season. As soon as the most recent meeting ended, the entrepreneurs rushed to the waterside to restock as a boat had just arrived from sea.

Moa Wharf is in an area that is prone to flooding at this time of year. Despite this, the entrepreneurs are still coping with their loan instalments and have continued depositing savings above the minimum amount of $0.50 a fortnight.

Munafa has carried out a post-disbursement visit

Posted by Rumbi

Posted 2 July 2021

Munafa has carried out a post-disbursement visit to the entrepreneurs who have taken out loans so far. Visits were conducted by the Branch Manager (Alice) to the Tafataneh group members. Alice carried out checks and could see the goods and inputs procured with the loan and provided business advice to the entrepreneurs.

These bi-weekly visits and additional training will continue to take place. As education is quite low in this community, Munafa encourages entrepreneurs to invest in their children's education. In 2020, 95% of the entrepreneurs Munafa works with had their children aged between 6 and 17 enrolled full-time in education, which is much higher than the average enrollment of around 55%.

This is a good example of how Munafa works holistically with the entrepreneurs, supporting them far beyond achieving business success.

13 more entrepreneurs have taken out loans

Posted by Rumbi

Posted 24 June 2021

13 more members of Tafataneh group took out a loan last week. The group also had further training on loan management: they went through the different articles of the loan contract and how to read their repayment schedules. Only one person from the group has not taken a loan yet because his attendance does not comply with Munafa's rules to qualify for a loan.

15 entrepreneurs have taken out loans

Posted by Rumbi

Posted 15 May 2021

15 entrepreneurs in the Tafataneh group have taken out a loan. The remaining entrepreneurs will be taking out a loan after Thursday this week if their loan forms are approved by Munafa's Credit Committee. The committee meets twice a week to approve loan requests submitted via their field officers.

The entrepreneurs in this group are running businesses around fish drying and selling. A few are selling drinks and condiments.

Munafa will monitor the entrepreneurs’ attendance to trainings at each fortnightly meeting and they will be eligible for further loans based on their attendance. Continuous biweekly trainings allow Munafa to closely follow-up on the entrepreneurs and their businesses. They will also be rolling out further business, social, health, and environmental and gender training for the duration that the entrepreneurs are part of Munafa's program.

Training is complete and entrepreneurs are getting ready to receive loans

Posted by Rumbi

Posted 12 May 2021

Following on from our last update from Moa Wharf, we are pleased to share that Joseph, the Field Officer, has now individually registered every partner (entrepreneur) to create a savings account.

The group has also progressed with their entrepreneurship training. They've had training on the role of group leaders and have elected their three group leaders: a chairlady, a treasurer and a secretary.

They've also attended training on loan management, which will be the final step before they can get loans disbursed to them. The training highlighted how the loans will be tailored to the individual needs of each partner and their ability to repay. Some members of the group will take their first loan at the end of this week.

The group decided to change their name to Tafataneh, meaning "closeness" in Temne, the most commonly spoken language in Moa Wharf.

Operations have kicked off in Sierra Leone!

Posted by Rumbi

Posted 21 April 2021

We've received an update from Munafa that operations have kicked off!

Our initial group of entrepreneurs has been selected. The group is called Wan Wod, which means "harmony" in Krio. They are based in Moa Wharf, a low lying coastal slum area in Freetown whose main activity is fishing. It is built on a bay and is very prone to flooding.

The group has undergone two diagnostic meetings with Joseph, the Field Officer in charge of Moa Wharf. The diagnostic meetings are to ensure that the group meets Munafa's criteria and to assess the group's cohesion and their understanding of Munafa services.

Joseph is now individually registering all the partners (entrepreneurs) at their place of residence so that they can open their individual savings accounts in the next 2 weeks.

Funds are in Sierra Leone

Posted by Jermaine

Posted 7 April 2021

Hey, villagers.

As I mentioned in the last update, we were having some difficulty deploying the funds for this project into Freetown, Sierra Leone. This inability persisted for a few weeks, but I'm glad to say the funds have made their way to Munafa, who will be re-deploying the funds as loans to entrepreneurs.

I'll post another update as soon as I have one.

Issues getting funds out to Sierra Leone

Posted by Jermaine

Posted 16 March 2021

Hey villagers,

We’re having some internal issues getting funds out to the Munafa in Sierra Leone, but this should be resolved this week.

Once the funds are in the right place, I’ll let you know, and we’ll get this project started.

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