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Afoni Children of Hope Foundation

ACOHOF - Cameroon @ July 2017                                    Powered by CINCOPA

PERK Micro-Foundation

PERK Micro-foundation started as an initiative to help local entrepreneurship, boost local economy and thus enhance quality of life. It is also an important step in preventing rural exodus.

What is a Micro-fund and what are microloans? 

 

A Micro-fund aims to provide small, initial loans to entrepreneurs who want to build a business. It can also help with the funding-part that is missing, if your own funds are in-sufficient.

 

A Micro-fund aims to provide loans to persons or a group of persons that normally cannot get a bank loan because of low or no income, lack of collateral or other reasons. There will be a certain amount in the fund and the idea is that other entrepreneurs will also have the chance of a loan from the fund as soon as the first entrepreneurs start paying back their loans.

These loans are called Microloans and could be seen as seed-money for the start-up of a business.

The idea behind this is called financial inclusion, which means that everyone should have the chance of being included in the boosting of local economy and quality of living. One can say that financial inclusion through microloans is a step towards preventing rural exodus since financial inclusion potentially makes the region a more attractive place to be.

It is very important to remember that a microloan means a microloan. It is not a loan for buying a car or financing your house. It is seed-money for the small business you want to start.

In your application you must be able to show how you plan to use the microloan.

For example, it is not a good idea to apply to get a fancy office for your tailorshop or dressmaking if you don’t even have sewing-machines and fabric. In that case you should apply for funding towards a sewing-machine and fabric, start making clothes at home and while you expand your business you start your re-payments before you get that fancy office that will probably boost your business even more.

Our concept differs slightly from the traditional concept of microloans.

 

We want everyone to be included.

 We want to give the chance of individual payment-plans.

We want to keep the rent as low as possible, without undercutting    inflation.

 We do not aim at a specific product or service, as long as our criteria listed below are met.

We start off very small, with the hope of successful stories that will inspire others and will possibly attract investors that will enable us to extend our possibilities.

We will not require your own initial funding, which is usually required. If you have, but it’s insufficient, we may be able to help, but if you don’t, you only need to start at a smaller scale.

There is a small application-fee, but this fee is only for administration and will be kept in your name.

How do I apply?

 

• The interested person or groups of persons submits a business plan to the ACOHOF office in Tatum together with a small application fee.

• The business plan is not about how well it’s written, but rather how well thought through it is.

• If you cannot submit a business plan but have a good idea – come to us and discuss it and we will help with the documents.

• After all applications are reviewed and discussed by the committee you will be contacted for further information.

 

Criteria for the Business Plan.

 

It must be:

• Sustainable

• Realistic – capacitywise, bugdetwise and competitionwise

• Environementally friendly

• Ethical

• Good for the entrepreneur

• The possibility of employing others in the future

• Good for the community

 

A typical Business Plan would include:

 

• Description of the idea.

• Assessment of the market and the competition.

• Explanation of why the idea is better than existing ideas and why it’s needed.

• Budget: initial costs, proposed calculations of costs, revenues and profit for the following year(s).

• Plan for re-payment of loan.

• The possibility of employing staff.

• Plans for evaluation.

 

 

Do not hesitate to contact any of the ACOHOF offices in Tatum or Kumbo, for further information.