GPM has started its microfinance program in Indonesia after the tsunami. After proven to be successful we have extended our microfinance program the past years to other regions in the world.
Microfinance is a system of financing target groups by providing small capitals with an easy repayment scheme that does not burden beneficiaries. Poor society will have the chance to start a small business or expand their existing business.
The financing given will be monitored closely to ensure that it will benefit the participants in getting out of poverty. In philosophical term, every individual has the right to a capital and therefore the poor should be given such opportunities.
How we do it:
- Identifying the target group
- Group formation and giving a course to the beneficiaries
- Capital is given in small amounts to the beneficiaries
- High degree of discipline in financing is required
- Everything will be closely monitored and weekly meetings will be conducted
- Progress visits and weekly repayment of the small amount up to 24 months
Currently we are having our microfinance program in Bukit Tinggi, Indonesia and in Narathiwat, Thailand. The plan for the year 2010 is to expand our microfinance program to the Middle East and two more countries in South East Asia.
GPM latest project on microfinance are:
- Microfinance programmes are being continued with total of 50 participants.
- Meeting of Microfinance Friends in Tak Bai and second allocation for the participants
- GPM have the approval from Ministry of Home Affair and Palestine National Authority to set up branch office for microcredit and education program in Palestine.