SAN DIEGO, Sep 29, 2008
(BUSINESS WIRE) --
Thirty-six Rotary Clubs in
San Diego and Imperial
Counties have collaborated
with the Bill and Melinda
Gates Foundation to raise
$600,000 in microcredit
loans. These loans will
provide capital to enable at
least 3,500 women in rural
areas of Ghana to start or
expand businesses that
revolve around agricultural
products, livestock, and
other enterprises.
The project in Ghana is the
culmination of five years of
effort by Mobilizing Rotary
for Microcredit (MRM),
founded by members of the
Rotary Club of San Diego and
the La Jolla Sunrise Rotary,
to maximize the potential
impact of microcredit
through Rotary Club
collaboration. Almost
two-thirds of the clubs in
San Diego and Imperial
Counties were joined by the
Calgary, Canada Rotaries;
the Caster Foundation; and
Opportunity International.
These microcredit loans will
ultimately have a positive
impact on the lives of
25,000 women and children in
West Africa.
"Rotary is about providing
hope to people who
previously had no hope,"
said Kenny Jones, chairman
of the Microcredit Committee
for Rotary Club of San
Diego. "Making a loan to
someone says you believe in
that person and trust them
to build a going concern and
thrive."
Funding for the program
began with a rare
two-to-one, $400,000 match
offered to Opportunity
International by the Gates
Foundation. "We felt this
was an ideal opportunity to
collaborate in a major
program with global impact,"
said Bink Cook, co-chair of
San Diego Rotary's
Microcredit Committee.
Opportunity International,
one of the world's largest
microfinance organizations,
is the nongovernmental
organization administering
the microcredit program in
Ghana.
The initial Rotary
microcredit collaborative
began in 2004, with eight
San Diego area clubs
providing $20,000 in loan
capital to a poor region in
India. During the last five
years, MRM has successfully
collaborated on eleven
international microcredit
programs and one local
project, raising
approximately $1,000,000 in
loan capital.
About Rotary International
and the Rotary Club of San
Diego
Rotary International, the
world's first service club,
was founded on February 23,
1905, by Paul P. Harris and
three associates. Today,
Rotary International, whose
motto is "Service Above
Self," includes more than
1.2 million members
participating in some 32,000
Rotary clubs in more than
166 countries. The Rotary
Club of San Diego, founded
in 1911, is the sixth
largest club in the world,
and has a membership of more
than 550 of San Diego's
business and community
leaders. The Rotary Club of
San Diego, also known as the
Downtown Club, has more than
60 volunteer committees that
provide financial, material
and human support to many
charitable causes. For more
information visit:
www.rotary33.org.