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Five Talents wants to open a fourth microfinance branch in Northern Uganda. It will cost £100,000 to establish a sustainable branch office that will provide small loans for around 1,000 people per year, helping them to expand a small business and escape poverty.
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Situation
Five Talents has been working in Uganda since 2001 with projects in Kasese, Kabale and Kampala. Currently we are loaning to 1,500 entrepreneurs giving business training and small loans. The north of Uganda has endured a 20 year guerrilla conflict which has now subsided. There is growing peace and stability in this part of the country, but the economic standards are way behind. Encouraging small private business is the best way to rebuild family livelihoods and the market economy. Microfinance is an ideal and cost-effective method to do so. Five Talents adopts a grass-roots approach to development and we have seen much success, with many businesses growing and people working their way to higher incomes and increased financial security for their families. Our microfinance projects follow the Grameen bank model, with a strong emphasis on business training. We work with the local Christian church to provide credible and authentic services to all the poor in the community, irrespective of religion, sex or tribe. This proposal would open a new branch in Kitgum. Five Talents has already undertaken a prior assessment of the area and identified suitable office space and key personnel. This would be the fourth branch in Uganda, following a tried and tested methodology.