Fondazione Marcegaglia Onlus (FMO) has been weaving a tapestry of empowerment and transformation through its micro-credit initiatives. As part of the country’s Vision 2020, FMO’s micro-credit program has been instrumental in fostering entrepreneurship and economic independence, providing access to capital and tool-kits for individuals to kick start their businesses and projects.
In 2013, the Government of Rwanda launched the second Economic Development and Poverty Reduction Strategy (EDPRS II) with targets of a GDP growth of 11.5% and a 20% reduction in poverty levels 1. FMO’s micro-credit program has been a significant contributor to these goals, empowering individuals to create businesses and generate income, thereby reducing poverty and contributing to economic growth.
FMO’s micro-credit program is designed to provide financial support to individuals who need capital to develop their businesses and projects. The program includes a meticulous evaluation process, where applications are reviewed by the FMO-Terimbere committee, and loans are distributed to eligible beneficiaries. The program has been successful in providing access to capital for many individuals, enabling them to start or expand their businesses, and contributing to the growth of the local economy.
The impact of FMOs micro-credit programs is evident in the success stories of many beneficiaries. For instance, Jean, a young entrepreneur from Bugesera, was able to start his own tailoring business with the support of FMOs micro-credit program. With the funds received, Jean was able to purchase sewing machines, fabrics, and other essential supplies, transforming his dream into a reality.
Similarly, Alice, a young farmer from Rilima, was able to expand her farming operations with the support of FMOs micro-credit program. With the funds received, Alice was able to invest in modern farming equipment, high-quality seeds, and irrigation systems, transforming her small plot of land into a thriving agricultural enterprise.
FMO’s micro-credit program has been instrumental in fostering economic growth and reducing poverty in Rwanda. By providing access to capital and toolkits, FMO has empowered individuals to create businesses and generate income, contributing to the country’s Vision 2020 goals. The success stories of Jean and Alice are just a few examples of the trans-formative impact of FMOs micro-credit program in Rwanda.