Using Muhammad Yunus’ Grameen Bank micro finance model, Love For Myanmar has begun a micro finance project in Yangon, Myanmar’s most densely populated city. Focusing on communities struggling on the outskirts of the city, LFM has successfully helped teams create, manage, and implement small business plans by making small loans to community members.
LFM approves team loans on an individual basis between $50 - $120 USD. Some successful family businesses have included trash/recycling collection carts, street shops selling household goods, sewing shops, noodle shops, and several more.
Though LFM does not require team members to save, each team is allowed to independently make a decision about opening a savings account. So far, all LFM micro finance teams have elected to save an average of $5 per 100 days – a significant amount. This means that for the first time ever our small business owners are generating enough income to 1) support their families 2) successfully repay their loans on time, and 3) set aside savings for emergencies such as medical expenses or the death of a loved one. Team members who perform exceptionally well are saving well above their means and no longer living pay check to pay check.