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REQUEST FOR FUNDING FOR MICRO CREDIT LOANS TO SEVERELY POOR WOMEN TO ESTABLISH SUSTAINABLE ENTERPRISES IN RURAL TAMIL NADU, INDIA
Your funding is requested by Prosperity Rings, a 501 © (3) charitable foundation founded in Seattle in 2000 for the sole purpose of aiding severely poor and vulnerable women and their families in India with micro credit loans. The project will afford revolving loans to women in rural Tamil Nadu, India. Loans will be utilized by the borrowers to establish or expand sustainable small enterprises, as a means to provide for the entire family's health, education and a decent existence. The women become leaders and role models in their community and effect changes that benefit their entire village. (ex: electricity, cooking gas)
Prosperity Rings will grant the funds to two reliable, constant, and confirmed partners in Tamil Nadu, SRIA and SHWET, who will facilitate micro credit loans for these women whose families suffer from lack of healthcare, education, and the essentials of nutrition. All members of the family, often including children, must work, generally earning a total of $0.50 or $1.50 a day.
100% of the funds will go directly to loans. The funds continue to grow with interest and to be revolved back into use after each repayment. Loans of approximately $150 will be given to some 390 women who will establish their own small, sustainable enterprises with the goal of expanding the business and bringing in income to provide healthcare, nutrition, education and the basics of living for their families. Thus the number of people affected by the project would be approximately 1,560 (4 family members).
In the capable hands of Prosperity Rings' partners, SRIA and SHWET, the borrowers will establish enterprises that have a broad commercial appeal such as making sanitary napkins, a photography studio, floral arrange-ments for weddings, and veterinary medical sales. Some of the more simple enterprises will be the purchase of a cow to sell its milk, purchase of a sewing machine to make garments or a grinding machine to grind spices, breeding goats for slaughter, "petty" and grocery shops. The children of these families will be able to attend school rather than work in the fields as indentured laborers. The women's leadership will benefit their entire village. RC Thuraiyur Golden City and RC Thiruvaiyaru will oversee utilization of funds and mentor borrowers.
For the past 12 years, Prosperity Rings has personally visited its partners, its borrowers, their enterprises, and the host Rotary Clubs every year, so that it has an outstanding track record of accountability with the Rotary Clubs that have supported the Foundation in the past.
The Budget for the Project
D5030 Match
Lead Clu 5,000 Lead Club 5,000
Partner Club 1 5,000 Partner #1 5,000
Partner Club 2 4,000 Partner #2 4,000
Partner Club 3 1,000 Partner #3 1,000
Partner Club 4 1,000 Partner #4 1,000
Partner Club 5 500 Partner #5 250 (50%)
Partner Club 6 500 Partner #6 250 (50%)
Club subtotal 17,000 District subtotal 16,500
TRF World 8,500 16,500
Fund Match
Subtotal 25,500 33,000
Total Grant $58,500
Contact: Nancy Pasternak, nancypasternak@gmail.com, 206 706-0031,
Bellevue Rotary WCS Chair
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