30.4.09
April Results
April has been an excellent month for us. Even with the Songkran holidays, our staff were able to increase our membership by 32%. We now have 764 members in 31 villages. Our loan fund has increased from 2.7 million baht to 3.5 million baht.
As we look forward to May and June, we are nervous and excited at the same time. We are excited because we have an additional 24 villages that we're in the process of organizing. This means that we could almost double our members in the next 6 weeks! What's really exciting about these 24 groups is that many of them are in new regions - areas with high levels of hill-tribe and poor communities.
We're also excited because our affiliate in Canada received its charitabe status which means that our Canadian donors will soon be able to receive tax-deductible receipts for their donations. We're also excited because several social investment groups have expressed interest in working with us. Groups like KIVA and TOPODA are looking at ways to expand their operations into Thailand. Several other social groups are also taking more of an interest in our work. This is exciting news!
At the same time, we do face some short-term challenges. While our long-term funding looks very promising, we are facing a short-term cash crunch. Increasing the size of our operations this quickly requires an influx of new money, supplies and staffing. Thanksfully, we've had some excellent interns working with us for the past months and our Office Admin have been very frugal in expenditures. However; we still are trying to figure out a way to fund the 24 new groups who will be ready and expecting their loans requests to be processed. We have about 6 weeks until D-Day. With confidence, we believe that we can find a solution by then. Keep visiting us throughout the next month as we post updates on our growth and challenges.
As we look forward to May and June, we are nervous and excited at the same time. We are excited because we have an additional 24 villages that we're in the process of organizing. This means that we could almost double our members in the next 6 weeks! What's really exciting about these 24 groups is that many of them are in new regions - areas with high levels of hill-tribe and poor communities.
We're also excited because our affiliate in Canada received its charitabe status which means that our Canadian donors will soon be able to receive tax-deductible receipts for their donations. We're also excited because several social investment groups have expressed interest in working with us. Groups like KIVA and TOPODA are looking at ways to expand their operations into Thailand. Several other social groups are also taking more of an interest in our work. This is exciting news!
At the same time, we do face some short-term challenges. While our long-term funding looks very promising, we are facing a short-term cash crunch. Increasing the size of our operations this quickly requires an influx of new money, supplies and staffing. Thanksfully, we've had some excellent interns working with us for the past months and our Office Admin have been very frugal in expenditures. However; we still are trying to figure out a way to fund the 24 new groups who will be ready and expecting their loans requests to be processed. We have about 6 weeks until D-Day. With confidence, we believe that we can find a solution by then. Keep visiting us throughout the next month as we post updates on our growth and challenges.
22.4.09
News Article in Chiang Mai Mail Newspaper
Common Interest's Village Banking Programme was recently highlighted in the local newspaper. Click HERE to see the article.
20.4.09
Charitable Status - Canada
Common Interest's Canadian arm recently received notice from the Canada Revenue Agency that it has received charitable status. The Common Interest International Society is registered in the province of British Columbia and intends to work closely with the Thai branch. For Canadian supporters, please contact us for details on how to donate.
7.4.09
46% Return on Investment
Members receiving their dividend (46% of savings)
Baan Pong Women's Group Celebrating the first year of successWhile the rest of the world has been recovering from this year’s stock market drop, a group of women in Mae Taeng have been celebrating with a 46% return on their investment. The Baan Pong Women’s Group started saving together last April. Each month, the group would meet and each member would save 50 baht. The money would then be used to provide loans back to each other.
In the past, most women who wanted a loan for their shop or farm borrowed from local moneylenders that charge very high interest rates. Large lending organizations like Nim See Seng charge anywhere from 5-10% per month. Smaller (and more local) lenders, often charge up to 20% per DAY. While the actual cost is often hidden, most people know that their business’ profits will go to repay the loan.
With assistance from the Common Interest Foundation, the Baan Pong Women’s Group has decided to become their own moneylenders. The group started savings together and used their own money to provide loans back to each other. Within on year, the group generated over 12 000 baht in profit. At the annual meeting, the Women’s Group decided to donate 10% of the fund to local project and then disburse the remaining back to the members in the form of a dividend. As result, members made 46% on their savings.
After seeing the success, the Women’s Group has decided to expand their operations this year by increasing the monthly savings to 100 baht as well as adding more members from their village.
Common Interest Foundation has been operating since 2005 in Northern Thailand. Its goal is to help rural villagers to establish their own Village Banks in order to provide better economic opportunities for their area. Village Banking provides a safe and local place for rural people to save and borrow. Funds remain locally and are used to improve the small business and farms. Common Interest Foundations wishes Baan Pong, and all of its other Village Banks, success in 2009.
In the past, most women who wanted a loan for their shop or farm borrowed from local moneylenders that charge very high interest rates. Large lending organizations like Nim See Seng charge anywhere from 5-10% per month. Smaller (and more local) lenders, often charge up to 20% per DAY. While the actual cost is often hidden, most people know that their business’ profits will go to repay the loan.
With assistance from the Common Interest Foundation, the Baan Pong Women’s Group has decided to become their own moneylenders. The group started savings together and used their own money to provide loans back to each other. Within on year, the group generated over 12 000 baht in profit. At the annual meeting, the Women’s Group decided to donate 10% of the fund to local project and then disburse the remaining back to the members in the form of a dividend. As result, members made 46% on their savings.
After seeing the success, the Women’s Group has decided to expand their operations this year by increasing the monthly savings to 100 baht as well as adding more members from their village.
Common Interest Foundation has been operating since 2005 in Northern Thailand. Its goal is to help rural villagers to establish their own Village Banks in order to provide better economic opportunities for their area. Village Banking provides a safe and local place for rural people to save and borrow. Funds remain locally and are used to improve the small business and farms. Common Interest Foundations wishes Baan Pong, and all of its other Village Banks, success in 2009.
