Microfinance Project
Microfinance… the Mission Fund way
It is much better to teach a man how to fish rather than giving him a fish to eat. This Chinese saying is being implemented by Maltese missionaries in many countries through various programmes especially educational ones as a better level of education opens the doors to new opportunities.
An alternative for the not so young persons in underdeveloped countries is being offered by Mission Fund. Persons, who would like to start any type of business, are receiving help through a Microfinance Project, which is being launched by Mission Fund.
The initial stage consists in the forming of a group of 5 persons who meet regularly under the guidance of a coordinator who imparts rudimentary managerial skills to the group. With the help of the coordinator, the group develops a spirit of solidarity and endeavors to adhere to 16 principles aimed at improving their standard of living. The group discusses small business projects which are within their reach provided they have access to a small starting capital. After months of preparation, each member of the group submits an application to Mission Fund for a small loan. Mission Fund has a sub-committee under the chairmanship of Prof. Joe Falzon, Dean of the Faculty of Economics at the University of Malta. The sub-committee evaluates the loan proposals and at times refers the applications back for further details or clarification. Feasible applications are approved and one member from each group is given a loan. The loan, not exceeding € 120 is repaid in small amounts on a weekly basis together with a small amount of interest. Loans are issued for a period not exceeding 1 year.
After the first group members start effecting repayments, a loan is issued to the second member; until in turn all group members receive a loan.
The repayment money plus interest collected is used to finance other loans, so as to make the project self-sufficient.
At present this new initiative by Mission Fund is operating on a small scale in Tanzania. It is being 
supervised by Sr Domenica Ciliberti a resident Maltese missionary. Sr Domenica has two coordinators assisting her in preparing the groups. At present there are two groups where some of the members have already received loans and another two groups who will soon complete their preparation and will be ready to receive their first loan. Another 4 groups have started their preparatory meetings.
With your constant support and with God’s help we are sure that this Microfinance Project will be another initiative by Mission Fund that improves the quality of life for our fellow brothers and sisters in distant lands.
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