Written by: Janina Peter, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
2023 is a year full of opportunities, and what better way to make a difference than by empowering someone to change their life through a microloan? Bridging Gaps has been doing just that, creating sustainable change in communities in the Global South.
Here are five reasons why microloans are an impactful way to support entrepreneurs in underserved regions.
1. Ripple Effect
When you provide a Bridging Gaps microloan to one person, you are not only helping them start or grow their business, but you are also creating a ripple effect. The microloan is circulated within a group of entrepreneurs who attend workshops provided by Bridging Gaps. As each person pays back their loan, the next person in the group can start their business, leading to a lasting financial change within the community.
2. No Burden of Debt
Bridging Gaps understands the instability of the infrastructure and the effects of climate change on the global south. If a recipient of a microloan fails to successfully run their business due to unforeseen circumstances, they do not have to pay back the loan, ensuring they do not encumber themselves with debt.
3. Shifting the Power
Bridging Gaps believes in empowering the communities in the Global South. By providing microloans, we are shifting the power to the people who know their needs best. This approach enables the recipients to decide for themselves what is best for their community.
4. Transparency
To ensure the microloans are being used accordingly, recipients provide regular updates on their entrepreneurship journey. This level of transparency not only ensures accountability but also allows for storytelling on the ups and downs of entrepreneurship. These stories are shared on Bridging Gaps' website and social media, enabling donors to see the impact of their donations and providing inspiration to other recipients.
5. Support the SDGs
Bridging Gaps' microloans align with the Sustainable Development Goals (SDGs) of the United Nations, which aim to end poverty and hunger, amongst others. By providing financial support to entrepreneurs in the Global South, microloans help bring positive change to the world and their communities.
Microloans may be small, but their impact is enormous. By providing financial support and empowering communities, Bridging Gaps is helping create lasting change in the Global South. Join our mission to make a difference, one microloan at a time.
Janina Peter, Executive Contributor Brainz Magazine Janina is a leader in food systems transformation, using innovation and tech for good. With Bridging Gaps, she is reinventing microloans and empowering underserved communities globally. Using her background in development economics and international studies, Janina has worked for the World Food Programme’s fundraising and advocacy app ShareTheMeal, Thought For Food and its Food Systems Game Changers Lab, and the United Nations Food Systems Summit, among others. Her mission: Creating healthier food systems to achieve zero hunger and zero poverty through innovation.
