The Adam Smith Benevolent Fund is a division of the Moorfield Storey Institute. A portion of the Institute's income is channeled into benevolent projects either as loans or donations. Income includes sales of books via our discount libertarian bookservice, Fr33minds.com.
We prefer to use microlending in most cases to encourage economic development in poor nations. Economic development is the key to solving most problems in poor nations.
As opportunities and businesses expand poverty is reduced, educational levels increase, social toleranace is fostered, health improves, etc. Helping poorer people become wealthier, through their own efforts, address a large portion of problems in developing countries.
We are making three loans this month.
Bianca is 30 years old. She is friendly and very hardworking. She is a single mother to her three-year-old daughter whom she says is her pride and joy. She runs her own Mobile money transfers shop in a small town called Kapiri Mposhi located in Central Zambia.
Her business is Mobile money transfers: people go to her shop to send and receive money to and from their families and friends throughout the country. Bianca's days are spent serving customers and running up and down to the bank so that she can satisfy her customers. She has employed one person to help her at her shop and so when she is at the bank, her teller remains at the shop, serving customers.
Bianca started running this shop six months ago. Business is good and she says the one thing holding her back is that she does not have enough working capital to serve her customers at the desired time. She says this makes her panic sometimes because she constantly has to run up and down trying to find some money. This situation becomes worse when the bank closes because she cannot send the little working capitol that she has to the bank to convert it to cash.
Bianca is taking out this loan so that she can increase her working capital and serve more customers. Serving more customers will mean she will be able to earn more profits. She is very excited about the future.
Jaime Alejandro is a 19 year old bachelor in Peru. He sells cosmetics, offering products to all kinds of people. Among his customers are students and administrative personnel at the university. He also sells to institutions in the public sector, where he sells the majority of his merchandise and at better prices. In addition, he sells his products on weekends at surrounding local markets, such as La Huisutes, and on July 16 in El Alto. He tells us that the major merchants try to prevent him from selling his products and he is a victim of abuse on some occasions. Consequently at the large markets he manages to sell behind their backs.
Jaime started his business a year ago in order to pay for the studies he is starting this year at the State University. He carries out his sales, dreaming of the day when he will finish his studies and become a good professional. He tells us that he gets up early in order to arrive at the university, which is far from his house. He is motivated by his desire to overcome his current situation and improve his and his family’s quality of life.
Daler was born in 1990 in Isfara, Tajikistan. He is a pleasant and kind young person. Daler has been working as a specialist in assembling furniture at a furniture salon. Today, he wants to open his own furniture salon. Daler leased a space on the first floor of a shopping complex, where he works. He is requesting this loan to purchase bedroom and kitchen sets and living room furniture in order to open the furniture salon.
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