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Documentary maker: Micro-financing works

Micro-financing works

Philanthropists looking to help out small businesses in the developing world may start making international money transfers as documentary maker Stacey Dooley champions the micro-financing schemes.

Relatively small loans made to help individuals start their own businesses can have a huge impact, the well-known documentary maker explained.

Two international organisations, Care International and the Co-operative, have joined together to launch the Lend With Care scheme, where third-world entrepreneurs explain their business plans in hopes of getting funding.

"You lend them money and when their business takes off, they pay you back," commented Mr Dooley.

"It is really nice to know you're not just giving handouts, you're lending them money and then when their business makes it they are able to give you the money that you've lent back. I just think it is a really simple concept and it is a great idea."

He explained that the programme is already helping hundreds of small businesses and has met with entrepreneurs in the Philippines who have benefited directly.

"They're making flip flops and handbags and because they have done so well, they're able to employ other people, now they are actually employing 30 people in the Philippines," he enthused.

"Something like that is a huge deal, 30 families have been able to benefit directly. It is obvious that it has really taken off and it is helping people."

The Co-operative and Care International hope to channel £1.5 million to support developing world entrepreneurs by the end of next year – the majority of which will be women.

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