Q. How much should I loan?
A. It is recommended that the minimum loan requirement be $25.00, however any amount over $25.00 is appreciated and all donations are tax deductible.
Q. Why lend through Jinja SACCO?
A. Jinja SACCO is committed to providing the most sustainable access to capital to target groups within the community. The SACCO boasts a loan interest rate of 10% per year, which is significantly lower than the national average of 25-35% yearly interest on microfinance loans. In addition, the SACCO requires monthly repayments instead of weekly repayments and a one month grace period at the start of the loan period.
Q. Will my loan be repaid?
A. Unfortunately, No. As this is a pilot program we cannot yet repay loans to donors. However, Jinja SACCO will redistribute all donor loans to future borrowers as part of a revolving microfinance fund.
Q. Why is my donation handled through the Foundation of Sustainable Development?
A. The Foundation of Sustainable Development (FSD) is a non-profit organization based out of
Q. Is my donation tax deductible?
A. FSD is a 501c3 nonprofit organization (Tax ID/EIN: 56-1938284) so your donations are tax deductible. For more information check out fsdinternational.org/donate.
Q. How can I keep in contact with the organization and the entrepreneur I choose to lend to?
A. Email Us! We would love to hear your feedback. By request we can also give you as the donor the contact information of the borrower if you wish to email them or call them directly via skype (as many do not yet have email). It is our goal to build a strong bridge between the donor and the entrepreneur.
Q. What is microfinance?
A. Microfinance is simply banking for the poor who do not have access to capital or markets. Throughout the developing world impoverished individuals do not have access to conventional banking, so microfinance has emerged as a means for which the poor can gain access to capital.
Q. Why is lending done in groups?
A. Group lending is way to ensure responsibility for paying back a loan. Lending is done through the group but given to an individual, who is bound by the group members who act as guarantors. The group is responsible for paying back the loan in case one or more members is delinquent or defaults on a loan.
Q. How long is the repayment period?
A. The repayment period for loans is generally between 6 and 12 months, however some repayment periods can be up to 24 months, depending on the individual.
Q. I want to do more, how can I help?
A. Spread the word. Send our link to friends and family and subscribe to our feed to get updates on loan repayment progress.
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