Thursday, November 17, 2011

Two New Loans Through Storey Institute's Benevolent Fund

Charity is too important to be left up to government. Since its inception the Moorfield Storey Institute has operated the Adam Smith Benevolent Fund. Portions of all donations to the Storey Institute, and a portion of sales through our book distribution service, Fr33minds, go into the fund.

We put most of these funds into micro lending projects targeting worthy recipients in developing countries. We try to find individuals who have already shown a willingness to work and who are budding entrepreneurs. In the long term our hopes are that such entrepreneurs, through expansion, will reach the point that they are creating jobs for others, and not just for themselves.
We have two new recipients for our loans: Yony Vicente of Ica, Peru, and Rosemary Clementina, of La Paz, Bolivia.

Yony began a taxi service a year ago with a motorcycle taxi. He has been renting a motorcycle to conduct business but now wants to invest in the capital of having his own motorcycle instead. His goal is to eventually own a car for his taxi service to use instead. The repayment plan is to have all his loans repaid by December 2012.

Rosemary Clementina is a single mother with four children in school. Two of her children are now attending college.  She sells shoes to the public. Her plan is to use the loan to buy sneakers for the end-of-the-year season.  Loan repayment begins in February with the loan being paid in full by January 2013. Rosemary has been in the shoe business for sometime and has paid previous loans for inventory.

The policy of the Storey Institute is that as loans are repaid funds are rolled over into new loans. New funds are added but we do not intend to ever remove funds, just make additional loans to further economic development at the ground level.

Wilber Alexander, a photographer in El Salvador, used one of our early loans to expand his business. His loan is now fully back.  Nidia Pereira of Paraguay was a fish seller that we loaned to earlier. Her loan is now 90% paid. Temuujin Myagmar of Mongolia has a loan for his popcorn business that is now 54% repaid. Hamza Vahobov of Tajikistan had a loan for his business selling spare car parts. His loan is now 46% repaid. And Vafa Huseynova of Azerbaijan, borrowed money to expand the beauty salon she ran. Her loan is now 40% paid back.

So far 43% of our loans have gone to female entrepreneurs and 57% to males. Approximately 28% of loans are in the food sector, 28% in retail, 28% in services, and 14% in transportation.
 Your contributions to the Institute help us spread the libertarian message about individual rights and freedoms and supports economic development. Remember that at you will not only find excellent libertarian books, at discounted prices, but all profits further the goals of the Institute, including our Adam Smith Benevolent Fund.

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