MICROLOAN AWARD

Bonazah Community Development of Africa June-July 2014 Staff visit to Africa to evaluate the progress of it project Empowering Market Women entered its a New phase for the inaugural group of 15 market women in the Bamenda municipality, where 4 participants were awarded microloans for their businesses. The selection criteria were based on a number of factors, including: level of engagement in the training sessions, commitment to business development, and capital. This was particularly tough especially since all 15 market women were extremely committed and grateful for the opportunity to have participated in this venture.

Both the visiting and in-country staff met with the women at their local businesses at the Bamenda Food and main Markets in July 2014. Our primary goal was to determine by hearing from the women firsthand, whether the project was beneficial to them. They all enthusiastically expressed how much they had learned through the six week training, and one woman in particular said: "I never knew that I was supposed to pay myself through my business."

Our staff, Minette Ambe, Evalden Tembeik and Patience Ajoff-Foster spoke with each loan recipient individually, explaining the terms and conditions of the loan. We will continue to work with these women in collaboration with the Staff and Students from Bamenda University of Science and Technology to monitor their success. To that end, we will offer business advice and mentorship services to the four Awardee, mentor growth, and bridge the gap between these women and local banks and credit unions. This will continue to foster our primary goals to transition microfinance beneficiaries from the informal to the formal market sector and of measuring success by loan repayment rates in addition to an improvement in the quality of life loan recipients. While only four women were selected for the awards, all 15 women received certificates of completion from Bonazah Community Development of Africa, Inc., and will have the opportunity to apply for microloan through the organization Microfinance Loan Program.