The last report was written in 2014 although there have been several visits to the key people and leadership team in that time. No funds have been put into the revolving fund from BHW since 2014. Up until that time US$31,000 had been supplied to the fund over a period of five years. Since that time the fund has continued to operate and grow incrementally.
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Since the last report, from 2014 until early 2019, the fund continued to grow and people, groups and table banking co-operatives were steadily joining the Fund. However, with the onset of COVID in early 2019 the number has shrunk by 10 members.
Loans are taken for the following reasons:
i) Emergency loans
ii) Medical loans
iii) Development loans
iv) Business loans and
v) Personal loans
The total sum of all the Capital and Reserves built up over the years is KES4,213,470 (approx. US$37,000). Approximately 20% of the total is kept in reserve as a backup, this is required by law.
It is important to understand the structure of the FOB fund. It is available to individuals and recognised groups within the FOB organisation. It is a revolving fund and money is lent mainly for short term loans with rapid repayment. The most recent initiative was the boosting of table banking groups (see the last report).
Currently there are 37 registered members of the fund. Three of those members are table banking groups with 44 members between the three groups. There is a total of 81 people directly benefitting from the Fund currently which represents around 500 people who are benefitting in some way from the Fund.
During the COVID period 10 members left their membership due to hardship.
The total number of people who have benefitted from the Fund since its inception is, in their words, "countless!"
This is hard to estimate and measure, however, there are many people alive today who would not be without the Fund. There are scores of viable small businesses and hundreds of children who have benefitted from education because of it. Many churches and groups have been assisted and several regular borrowers are still operating because of access to the Fund. It is regarded as a great help by the leadership of FOB.
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Brother Francis Kanyagia is doing a great job in Lucigetti with his farm plot. He is mainly growing tomatoes and pumpkins but is struggling with lack of water.
The Pona Clinic (KEN03a) in Nguluni borrowed KES300,000 (US$2,630) for three months to fund the expansion of the hospital and addition of another ward.
Twin Birds Academy borrowed KES500,000 (US$3,380) to assist with operational costs due to a shortfall because of COVID. This was for a period of three months.
Currently they are in recovery mode from the impact of COVID-19. They are beginning to operate again and those whose loan repayments were delayed are starting to operate again. The plan is to commence more table banking groups and to expand the membership again. Several individuals and groups want to take up membership when it opens again.
The greatest issue is the impact of COVID-19 and how people will plan to recommence their businesses and enterprises. The general public have been very badly affected by the virus and the lockdowns; many have lost income sources so there is little money in circulation compared to before the pandemic struck.
1) Pray that the impact of COVID will quickly be over so people can get on with their regular lives.
2) Pray that new table banking groups will be established.
This is a good project and continues to regularly assist people develop their lives. No more funds are required, it continues to grow slowly.