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Loans for poor entrepreneurs in 15 countries, including China, India, Indonesia and the Philippines, are to be provided from a $1million grant package provided by UPS, the US-based package delivery company.
The grants are to be given by UPS to three global micro-lending organizations, and will support programmes for entrepreneurs on three continents. UPS, which is handing over the money to mark its 100 years in business, has never before devoted such a large proportion of its giving to small loans.
One of the lending organizations, Opportunity International, will use its $390,000 to support nearly 5000 entrepreneurs, and it is estimated that this will have an impact on 37,000 people, including family members, employees and their families. Opportunity International has a 98 per cent loan repayment rate, so UPS says the money can be loaned again and again to aid tens of thousands of poor people during the next decade.
Another micro-lender, Accion International, will receive £400,000, part of which will be used to offer credit in China and India.
Lisa Hamilton, president of the UPS Foundation, said the company was well aware of the value of start up loans for entrepreneurs, as UPS founder Jim Casey started up the business in 1907 by borrowing $100 to start a bicycle messenger business.
Further information: Lynnette McIntire, 001 404 828 7895
The grants are to be given by UPS to three global micro-lending organizations, and will support programmes for entrepreneurs on three continents. UPS, which is handing over the money to mark its 100 years in business, has never before devoted such a large proportion of its giving to small loans.
One of the lending organizations, Opportunity International, will use its $390,000 to support nearly 5000 entrepreneurs, and it is estimated that this will have an impact on 37,000 people, including family members, employees and their families. Opportunity International has a 98 per cent loan repayment rate, so UPS says the money can be loaned again and again to aid tens of thousands of poor people during the next decade.
Another micro-lender, Accion International, will receive £400,000, part of which will be used to offer credit in China and India.
Lisa Hamilton, president of the UPS Foundation, said the company was well aware of the value of start up loans for entrepreneurs, as UPS founder Jim Casey started up the business in 1907 by borrowing $100 to start a bicycle messenger business.
Further information: Lynnette McIntire, 001 404 828 7895
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