A strong economic system is key in advancing a given country in many different aspects. Through further examination, it has been found that employment plays a key role in determining the health of a country's economic system. However, without receiving prior education, it is often hard for people to find a paying job and become financially stable. As a result, the number of people living in poverty directly influences unemployment rates.
To tackle the problem, CACTES has started a microfinancing initiative. By administering microloans in regions where people typically don't have the assets or ability to build credit with conventional banks, villagers are able to start their own businesses to develop financially independency and reduce unemployment rates. Through the initially borrowed capital, venture ideas have the opportunity to develop and become sustainable businesses. Microfinancing also targets the women of developing communities as research has shown that women are more often safer for investments in terms of returns and are better able to distribute profit equally for their families.
After the loans are approved and before funds are dispatched, we work with our partners to ensure grantees obtain one month of appropriate training. Throughout the project duration, we oversee and actively advise so as to improve the chances of success.