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UPS Enables Micro-Lending In China
November 2, 2007 |
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| Category: Giving
In honor of its 100th birthday, UPS has created a Centennial Grants Fund and awarded US$1 million to three global micro-lending organizations to support programs for entrepreneurs on three continents, including loans to grow small businesses.
"In this year of UPS's Centennial, there could be no better way to celebrate founder Jim Casey's entrepreneurial spirit than to award grants to foster opportunities for entrepreneurs around the world," said Lisa Hamilton, president of The UPS Foundation. "UPS was founded in 1907 by a 19-year-old Casey, who borrowed $100 to start a bicycle messenger business. Today, his company is the largest package delivery firm in the world."
Opportunity International is one of those groups, and it will receive US$390,000. With the UPS Foundation grant, Opportunity International will make loans to new clients in 15 countries, including China, India, Indonesia, The Philippines, Ghana, Kenya, Malawi, Mozambique, South Africa, Zimbabwe, Colombia, Dominican Republic, Mexico, Nicaragua and Peru.
The initial grant will help nearly 5,000 poor entrepreneurs and will impact more than 37,000 lives, including family members, employees and their families. Because of Opportunity International's high loan repayment rate of 98 percent, the money will be loaned again and again to help tens of thousands of poor people over the next decade.
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