The Gamma Microfinancing Initiative

 

News

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Mission Stament

Gamma radiation is pure energy, almost unstoppable; it is able to bring about enormous changes in the society around us. The Gamma Microfinancing Initiative (GMI) is a high school student run organization that was started to address the issues of high interest and default rates in microfinance by bringing about a change in the industry.

Micro lending is a principle that is based on the idea that if one provides loans to low income people, they will be able to start up their own small businesses and generate income. However, interest rates have risen in the past years, proceeding up to 80% in some areas. As a result, many client are unable to pay back the interest rates and go into default, losing whatever little credit and savings they had.

The GMI model aims to correct the path of microfinance and create sustainable small businesses through a conjunction of a proper business education and low interest rate loans to low income clients. By doing so, clients will be able to handle the challenges of a small business while the money generated by their business will flow into their savings accounts than loan collector’s hands.

Through this model, the organization hopes to serve as a model to other microfinance organizations as well as create an impact upon low-income people’s lives, raising them out of their poverty through sustainable small businesses.