MISSISSAUGA, Ont., Aug. 19, 2004 - World Vision is set to make its millionth loan to a poor client in a developing country later this month.  Over the past decade, World Vision has loaned more than $360 million to poor borrowers. These loans have created about 1.7 million jobs and raised living standards for nearly 3.5 million children.

"Making credit available to the poor is one of the best ways of alleviating poverty," said World Vision Canada President Dave Toycen.  "Our organization makes small loans to poor entrepreneurs who have good business plans but lack access to capital."

The borrowers, who typically take out loans ranging from $100 to $2,000, are street vendors, artisans, small farmers and others who use the loans to start or expand a business. World Vision made its first loan to a poor client in 1993. Today, its 45 micro-finance institutions serve nearly 250,000 clients on five continents, 64 per cent of which are female. 

World Vision's Microenterprise loans help people like Manana Tsikoli, a single mother who left her hometown in Georgia after her husband was killed.  Manana moved to the city and joined some female market vendors who received a group loan. After being approved for the loan, the group attended mandatory classes on bookkeeping, marketing and money management.  Today Manana's business is thriving and she is well able to support herself and her children.

"I love the idea of making a difference immediately, while at the same time helping people change and giving them back their dignity and their ability to flourish," said Barbara Brumer, a Toronto donor who gave a major donation to World Vision's Microenterprise Development Fund (MED).  "The notion of empowering people and providing them with a skill set is the best way to ensure sustained change."

Many large gift donors like Brumer give specifically to women.  "I see women as the centre of the family and a lot of what children learn about their futures is taught by moms," she said.  "When you change a mom by empowering her, you change society."  In Eastern Europe, Georgia, where Brumer's donation was utilized, has the highest percentage of female borrowers at 82 per cent. 

The World Bank estimates that 600 million poor people could effectively create jobs and increase their incomes if they had access to credit. Yet financial institutions serve less than five per cent of this potential market.  World Vision's borrowers have a re-payment rate of 97 per cent.

World Vision is a Christian humanitarian relief and development organization active in more than 90 countries, providing help to more than 85 million people each year.

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