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Microcredit

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Microcredit is the extension of very small loans (microloans) to the unemployed, to poor entrepreneurs and to others living in poverty who are not considered bankable. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit. Microcredit is a part of microfinance, which is the provision of a wider range of financial services to the very poor. Unfortunately, making a solar appliance women will use for the majority of their cooking involves cost. Haiti is the poorest country in the Western Hemisphere, with 80% of the population living under the poverty line and 54% in abject poverty. SOI’s research indicated that regardless of the cost of a solar cooker, the majority of Haitians could not afford to purchase one. To address this issue, a revolving loan fund was established to enable women to obtain a Sun Oven and pay for it over time using money otherwise spent to buy charcoal.

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Unfortunately, making a solar appliance women will use for the majority of their cooking involves cost. Haiti is the poorest country in the Western Hemisphere, with 80% of the population living under the poverty line and 54% in abject poverty. SOI’s research indicated that regardless of the cost of a solar cooker, the majority of Haitians could not afford to purchase one. To address this issue, a revolving loan fund was established to enable women to obtain a Sun Oven and pay for it over time using money otherwise spent to buy charcoal. An average family spends $2.30 (U.S.) per week to purchase charcoal. A Sun Oven can be used for 70% of their cooking and will save an average of $1.61 a week in charcoal expenditures. Weekly payments are set at $ .97 (60% of the savings); the remaining $ .64 per week creates an incentive to solar cook and takes money that literally was going up in smoke, distributing it through the local economy. Initially, the challenge of implementing this system was that women in Haiti live very much one day at a time and even though they saved a high percentage of their income by using a Global Sun Oven, they rarely had a long enough view to understand that they were saving money. To overcome this problem, cardboard solar panel cookers were introduced. Women received 3 days of training centered around the construction of a cardboard solar panel cooker, the principals and concepts of solar cooking, and the frailty of the Haitian environment. The training occurs over lunchtime, and the first two days, Haitian foods are cooked in Sun Ovens and served for lunch. On the third day, a solar potluck is held. Each student prepares food in their own cardboard cooker and shares it with fellow trainees. As part of the training, participants receive a log allowing them to document the use of their cardboard cooker and the amount of money they saved by not using charcoal. Participants who use their solar panel cooker on sunny days, for 90 days or longer, can use their log as a down payment on a Sun Oven. The Sun Ovens cook food much faster and can be used to cook the evening meals. After 90 days of documenting the use of the cardboard cooker, women have a much better understanding of the financial benefits of cooking with the sun and are eager to agree to a payment plan to obtain a Sun Oven.[1] Microcredit is the extension of very small loans (microloans) to the unemployed, to poor entrepreneurs and to others living in poverty who are not considered bankable. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit. Microcredit is a part of microfinance, which is the provision of a wider range of financial services to the very poor. Microcredit is a financial innovation which originated in Bangladesh where it has successfully enabled extremely impoverished people to engage in self-employment projects that allow them to generate an income and, in many cases, begin to build wealth and exit poverty. Due to the success of microcredit, many in the traditional banking industry have begun to realize that these microcredit borrowers should more correctly be categorized as pre-bankable; thus, microcredit is increasingly gaining credibility in the mainstream finance industry and many traditional large finance organizations are contemplating microcredit projects as a source of future growth. Although almost everyone in larger development organizations discounted the likelihood of success of microcredit when it was begun in its modern incarnation as pilot projects with ACCION and Muhammad Yunus in the mid-1970s, the United Nations declared 2005 the International Year of Microcredit.