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The project is designed to create a supportive environment for five low-income mothers to meet weekly for six months to share, learn and acquire the skills needed to start and maintain their own business. The Rotary Club of Fallbrook will work with Microloans for Mothers which is a 501 (c) (3) non-profit organization. The main thrust of the project will be helping develop the necessary skills to create a realistic business plan. Interviews will be conducted and five mothers will be selected to form a lending group. Three meetings are then held culminating in the issue of $220 to each of the five mothers. Business begins and the mothers will meet weekly at the facility for business training in areas such as financial literacy, basic budgeting, product development and market research. Training sessions will be led by professional staff. A major side benefit will be the social interaction that creates a support network leading to greater confidence and empowerment for the participants. The loan will be paid back in weekly installments over six months which will then make the mothers eligible for a larger loan. The Microloan for Mothers staff will prepare a monthly progress report on each business that includes photos, financials and comments from the mothers. The Microloans For Mothers project in Cambodia is to be funded with $750 from the Rotary Club of Fallbrook and $750 from a District 5340 matching grant for a total of $1,500.
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