In the heart of Ethiopia, a town called Merawi holds a remarkable tale of triumph and resilience—the story of the Merawi “Joy” Village Savings and Loan Association (VSLA). This VSLA group, consisting of 19 members, embodies the spirit of empowerment and collaboration, creating a ripple of positive change in their community. Through our commitment to fostering sustainable initiatives, including microloans for women in Ethiopia, the Merawi “Joy” VSLA stands as a beacon of hope, showcasing the transformative power of financial empowerment and community support.
A Journey of Growth
Initiated in the VSLA model, these determined individuals embarked on a journey of entrepreneurship, taking turns accessing loans from their group to establish and expand individual businesses. Over two years, they dedicated themselves to ventures ranging from mini shops and chicken selling to market veggies and clothing resale.
The Power of Joint Ventures
While managing their individual enterprises, the group set their sights on a collective dream—a wholesale shop specializing in juice, water, canned goods, and more. Each member contributed 4,200 birr, pooling a total of 79,800 birr. The joint venture not only strengthened their bond but also became a flourishing source of income.
Running the Show
Operating from a rented space at a reasonable rate from a local church (1,300 birr per month), the Merawi “Joy” VSLA Wholesale Store thrived. They sell around 10-15 cases of products daily, with each case priced at 380 birr, generating a 20% profit. Rotating responsibilities, they take turns running the store, ensuring efficiency and transparency.
Financial Wisdom and Community Support
Guided by Zemenu, the VSLA field agent, and supported by financial advice from Asdenik, the group flourished. Beyond their business acumen, they established an insurance-type fund, contributing 10 birr per month per member. This fund not only serves as a safety net for medical expenses but also extends its support to others in need through donations.
Overcoming Doubts, Embracing Success
Initially hesitant due to financial constraints, the group questioned how they could save when basic necessities were a struggle. However, through dedicated training sessions with Zemenu, their perspective transformed. Now, they express their love for the VSLA, acknowledging its role in their growth. Grateful to New Hope, they testify to their continual expansion, attributing their success to both their efforts and a higher power.
The Merawi “Joy” VSLA stands as a testament to the transformative impact of community-driven initiatives. As these individuals continue to thrive, their journey serves as an inspiration—a beacon of hope and success for others in the New Hope Project.
To learn more or donate to New Hope Project, visit their campaign page https://newhope.devxchange.org/
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