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Horizons Foundation has been very active in Peru during the past two months in preparation for the first Micro Loan to be made thru Association Horizons of Peru (AH of Peru). AH of Peru is our new charitable organization in Peru and it is the equivalent of an IRS approved charitable organization in the USA. Peru has multiple steps to receive official recognition and we have completed enough steps to officially begin our lending process. Our first loan will be made to an anxious entrepreneur during the upcoming week. Steve Blakesley from our Advisory Board is traveling to Pacasmayo Peru to oversee the distribution of funds. In fact, the first eight loans are scheduled to be made while he is there. All our initial loans are for $300 for a 6 month period. We have been busy writing plans, spreadsheets and forms to get the business portion of this project 'off the ground.' Our Executive Director in Peru has been working very closely with Avis Goodhart, the founder of Go Ye Ministries. As you may recall, Horizons Foundation teamed with Go ye Ministries in 2004 to build a new orphanage building with over 7000 square feet of space in it. This is the orphanage that will receive 10% of the microentrepreneurs' profit as their business prospers. Our Executive Director in Peru has also been very active in setting up new Self Help Groups that meet together every other week to discuss local business markets and various guidelines from AH of Peru. A Self Help Group is comprised of 5-13 people, usually an odd number; due to a majority rule on various intergroup decisions. We expect the number of Self Help Groups to grow very rapidly as the concept of microlending is explained around the various neighborhoods. We are targeting the poorest of the poor to receive these microloans. Worldwide, microlending organizations use the $300 loan as a cutoff point between the poor and the poorest of the poor. This is our niche market. As a microentrepreneur grows their business, they may then be eligible for a larger loan after they have repaid their first loan on time and in full. There is a growing waiting list as budding entrepreneurs await their opportunity to receive a loan. AH of Peru has a very reasonable lending rate for the microentrepreneurs' when compared to other micro lending programs in Northern Peru. We are still expanding our donor base for supporting this program. If you would like to donate $300 for 'a donation that works twice', please contact us. At the bottom of the page you will see a flowchart of how this microlending program benefits not only the individual making the loan, but local churches and the Go Ye Ministries orphanage in Pacasmayo Peru. THANK YOU FOR YOUR GENEROUS SUPPORT - YOU MAKE IT HAPPEN In His Service, Al and Charlotte Lockhart Horizons Foundation Donations may be sent to: PO Box 6022St Charles MO 63302
Al Lockhart Past Newsletters: 30 November 2003 31 December 2003 01 January 2004 01 February 2004 01 March 2004 01 April 2004 31 May 2004 30 June 2004 01 July 2004 01 August 2004 30 September 2004 31 October 2004 30 November 2004 31 December 2004 31 January 2005 28 February 2005 31 March 2005 02 May 2005 02 July 2005 31 August 2005 11 October 2005 18 December 2005 02 April 2006 30 June 2006 31 October 2006 |
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