'lendwithcare', Dr Ajaz Khan, Senior Microfinance Advisor, Care International
Wed, Oct 28th 2015 at 12:00 am - 12:00 am
Dr Ajaz Ahmed Khan is Senior Microfinance Advisor with CARE International and helped to develop the award winning lendwithcare Microfinance programme. Our Club is a keen lender to small entrepreneurs with repayments allowing us to lend and lend again.
President Peter McGavigan welcomed three guests to our meeting - our speaker, Dr Ajaz Khan; Douglas Robertson of Linlithgow Grange R/C; Gordon Smillie of Longniddry & District R/C.
Dr Khan presented this well-attended meeting with an informal and fascinating insight into the objectives, history and operation of Lendwithcare.
A respected expert and author on micro finance he posed the question – “How can we best reduce poverty for the poorest in the world?” Approximately 2.5 billion people worldwide lack access to even basic financial services, the world’s poorest with earnings averaging sometimes less than $2 per day.
He explained the different approach adopted by Lendwithcare to that of traditional charity models which deliver aid or finance. Lendwithcare provides micro finance, interest free loans to individual entrepreneurs and small companies to develop businesses that otherwise would have no access to bank or other finance.
Lendwithcare operates in eleven countries using trusted local partners in each country to assess applications and administer loans and repayments. Since being set up Lendwithcare now has 25,000 lenders who have lent £8.7 million with an average loan size of £543. 70% of loans have been to women, 16,312 businesses have benefitted from loans and 5,113 jobs have been created.
99% of loans are repaid on time and the lending model re-invests the repaid loans in new businesses.
Lendwithcare emphasises the sustainability and ethical nature of the work it finances and the independence and self-reliance of the individuals to whom it lends.
Dr Khan expressed his gratitude to Currie Balerno Rotary Club for being the first Rotary Club in Britain to support Lendwithcare, the Club having provided to date £6,927 in loans to more than 230 small businesses. Following Currie Balerno Rotary Club’s lead approximately 80 Rotary Clubs from around the UK are now participating in the scheme.
Dr Khan emphasised that Rotary support has been instrumental in the success of Lendwithcare.
Andrew Howard on behalf of the Club thanked Dr Khan for his inspiring and informative presentation.
Report by Jim Douglas
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