MicroFinance
Kagando Rural Community Microfinance (KARUCOM) is a community based financial organization established in 2002 to effect the extension of credit to the poor, especially women.
Despite modest funding so far, KARUCOM is working with 980 clients in three subcounties served by KARUDEC. Individuals and groups are being trained in small business and credit management, farming as a business, cost accounting, and group formation and governance. Over 560 small, short-term loans have been processed.
Funds Needed
Home Industry Knitting Machine
Funds are needed to refine and expand financial services. With loans, projects managed by women, like gristmills, will be established. After training, individual women and groups deemed credit risks because of lack of collateral will be eligible to receive loans to develop and expand profit-making enterprises.
Foreign and Ugandan government support has provided start-up money for the program. Additional funds are being sought to continue organization, training, market research, build two gristmills and provide short-term loans. Past experience shows that the program is making a significant contribution to the economic and social vitality of the individuals and groups who are participating.