Colombia Project Successes
Helene Dudley Chairman, RPCVSF & The Colombia Project
Since 2002, approximately 250 displaced families in five communities have received over $80,000 US in micro-loans through The Colombia Project, improving 1,250 lives. The $50,000 repaid to date continues benefiting displaced Colombians, with 50% reinvested as loans.
In addition, an AMB Foundation grant funded an indigenous coop, giving work to 90 Wayuu and Arzario weavers who are now guaranteed a fair price for their labors. On trips to La Guajira, the coop truck brings back salt, fish, shrimp and jewelry to sell in Santa Marta. Thanks to the increased income from these diverse sources, children in these families now attend school. The 30 families in the city have electricity and running water and the 60 families in La Guajira now have latrines for the first time—another 500 lives improved.
The Cartagena program’s communal banks operate in two neighborhoods, providing 160 families access to both savings and short-term credit services. Once a bank has 10M pesos, the community is virtually self-sustaining, since the bank can satisfy loan demands without outside assistance. This has improved 800 more lives.
There is still the need to make our partners self-sustaining so that they can continue to develop programs in new neighborhoods. In order to do that, The Colombia Project will have to build the revolving loan pools to the level at which the interest on the loans will cover the salaries and expenses associated with the program so that 100% of the repayments stay in the revolving loan pool. To fuel the necessary level of growth, The Colombia Project is seeking matching funds from corporations and foundations in the U.S. and Colombia.
During an October due-diligence visit, thanks to an introduction by Colombia RPCV Mike Spivack, representatives of The Colombia Project and Fundehumac met with members of Reservas Profesionales, a Colombian organization of professionals that has expressed an interest in supporting our efforts to help displaced people. Initially this support would likely be “in-kind” professional services, but with the possibility of financial assistance in the future.
Since donations in 2008 fell short of projections, The Colombia Project will increase fundraising efforts in 2009 in order to provide our four partners sufficient resources to continue their excellent work.