The Moorfield Storey Institute also manages the Adam Smith Benevolent Fund through which we make microloans to developing regions to encourage entrepreneurship and economic development. We believe that development does more to solve the problems of the world than charity ever could. A portion of all sales through our book site Fr33minds.com goes into this fund and is loaned out. All loans are revolving so that the fund grows with time. We believe benevolence and economic freedom go hand in hand. Here are are the latest loans we have made. If you wish to donate to the Fund through the Institute, you can do so here.
The first loan is to Norris of Barranquilla, Colombia. Norris is 51 and lives with her husband and two children, 15 and 17. Her grocery store sells an array of home products, food, canned items and meals. She started her business 20 years ago in an area where there were few stores. She will use the loan to expand inventory.
Leonardo is 21 and married with one son. He lives in El Sauce, Nicaragua and runs a small a small cafe outside his home. He sells juices, soft drinks, pastries such as cachos, tortas de piña, picos, dedos, etc.), sopa de leche (a traditional soup) and baked goods. He spends about 10 hours a day at his business offering his product to regular customers and on order. His hope is to expand working capital by investing in more pastries and items to sell to his customers.
Her husband, together with three other people, decorate house interiors. Their daughter and son go to kindergarten. She is requesting a loan to buy phone accessories at wholesale prices, so that she can continue to run her business without worrying about inventory shortage.
In order to help the family, she sells plastic wares. She also operates a sari-sari store. She wants to obtain financial assistance to purchase additional inventories of plastic wares. Due to the impact of Super Typhoon Haiyan on the country we have decided
to make additional loans in the Philippines, though the typhoon damage
may make it harder for recipients to repay the loans.
The Storey Institute is a registered 501(c)3 tax-exempt organization that promotes social tolerance, depoliticized markets, trade and a peaceful foreign policy. It sells books through Fr33minds.com to help cover expenses, and produces books through its publishing arm, Cobden Press. All donations are tax deductible.