Ning Thitinanta Malee lives in a small, low-income pocket of Thailand. Taking care of her granddaughter and three of her elderly relatives hasn’t been easy, living with limited access to financial support.
But since receiving a small loan from CARE UK’s Lendwithcare program, Ning has grown her small sewing business– something that has not only helped her earn money to care for her family, but also created jobs for members in her community.
It’s made a significant difference, not just for Ning, but for those around her. The Lendwithcare loan wasn’t a “hand out” – it was a “hand up”.
Ning is one of many women that could make a difference in their communities. However, in low-income and middle-income countries, there is a $1.7 trillion financing gap for female entrepreneurs.
The Lendwithcare program is set to change that. Originally launched by CARE UK, the program will be launched this week by CARE Australia, enabling supporters to make small loans to new and aspiring small business owners. A loan for as little as $25 can help grow their business, and once it is up and running, the loan is repaid to the lender.
Lendwithcare Australia will primarily focus on low-to-middle income countries in the Asia-Pacific region, including Vietnam and the Philippines, where many women struggle to secure financing for small ventures.
CARE has been operating for over 75 years, working to save lives, end poverty and achieve social justice. The organisation places a particular focus on women and girls, with the Lendwithcare Australia platform being a crucial way of reaching them.
Peter Walton, the CEO of CARE Australia, says the program is a sustainable way to create positive change in the region and can transform lives, especially the lives of women and children. Walton says for every woman who lifts herself out of poverty, she brings four people with her.
“It is a platform rallying Australians to make a direct impact on the lives of people who often don’t have access to the hand up that they need to support their families,” he says.
“Lendwithcare Australia creates a virtuous cycle of empowerment and opportunity. Borrowers gain the means to support themselves and empower their communities.
“Lenders, in turn, experience the satisfaction of seeing their initial loan not only transform one life, but also continuously multiply its impact when re-lent to more and more deserving individuals.”
Lendwithcare Australia goes beyond the traditional process where people donate money and may not initially see its true impact.
With Lendwithcare Australia, lenders can decide who they loan to and how much money they invest into their business. CARE Australia lends 100 per cent of the money provided by the lender to the borrowers and does not take any portion of the loan for profit.
The small loan helps the individual start up or grow their business; and from there, they can earn a living, provide for their families and, most importantly, employ members of their community.
Once the business grows, the business owner repays the loan to the donor, who can then choose to re-lend their money to support another business, withdraw it, or donate it to CARE Australia.
Suzi Chinnery, the head of capability and impact at CARE Australia, says Lendwithcare Australia is a “thoughtful approach to support”. Focusing on female business owners is a key part of the Lendwithcare strategy to alleviate financial inequity and achieve social justice, Chinnery said.
“When a woman has access to financial services, her opportunities improve dramatically – gaining independence, the freedom to pursue education, the opportunity to start a business, for great decision-making power in her home and to be a leader,” she says.
With the launch of the platform on October 30, Lendwithcare Australia is leading the way in sustainable charitable support, knowing well that it’s women who can make the biggest differences in our world today.