The Rotary Club of San Diego South Bay, in observance of "Economic and Community Development Month" during October, is proud to announce that the Micro Lending Project (Project) started and established between the Club and the Sacred Heart Credit and Development Cooperative (Cooperative) on January 8, 2019 is well underway. The Project was seeded with an initial amount of $6,300 ($2,000 of club funds and $4,300 donations from club members). It has since generated to-date interest earnings of $668.63 by extending micro loans, which so far have helped 30 micro entrepreneurs in the communities of San Rafael and Meycauayan, Bulacan, Philippines.
The Rotary Club of South Bay's Project extends micro loans in amounts as little as $100 to micro entrepreneurs through the Cooperative. The Cooperative has management of the funds, which includes educating borrowers on how to properly manage their finances and pay back their loans, ultimately making them responsible members of their community. The Agreement established by the Club and the Cooperative stipulates that 25% of the interest income shall be allocated for the community service projects of the Club and its sister clubs: Rotary Club of Meycauayan East and the Rotary Club of San Rafael, both from District 3770 Bulacan, Philippines.
Additionally, the Cooperative and the Club allow the Rotary Clubs of San Rafaael and Meycauayan East to recruit and train from local borrowers possible and future members of the Rotary Community Corps.
The photo below shows President Villanueva with members of the club; Chairman Elenita de Belen, Luisito de Jesus and Erwin Saddi, presidents of the Rotary Clubs of Meycauayan East and San Rafael respectively during the signing of the Memorandum of Agreement on January 8, 2019.
