Support 50 Young Entrepreneurs A Project of Kadın Emeğini Değerlendirme Vakfı (KEDV)
With the funds gathered, 50 young women (18-29 years of age) will receive micro loans for the businesses they will start or for their existing small businesses. The fund will be revolving: once the women pay back their loan, they will be able to get repeat loans in increasing amount in accordance with their growing businesses.
Low income young women do not have access to employment opportunities due to high competition and limited job opportunities especially for non-skilled workers, low education levels, their "familial obligations" defined by the community, lack of childcare services for low income families, etc. Hence, the main source of income for many low income women in Turkey is the micro businesses they are running. Through KEDV's micro credit program, young women are given small loans, mentorship and guidance to run their own businesses, giving them independence for themselves and their family.
The micro credit needed for each women's business is just 380USD. See the story of Sanem below...
KEDV has been giving micro credit since 2002 and Sanem's story is one of the examples that reveals the effect micro credit has on women's economic and social empowerment: Sanem is a married young entrepreneur. She studied glass art. She opened a small studio and after that, five years ago, she started her small business to produce ceramic objects. As she did not have her own kiln at her workshop, she had to take her products to her friend's studio and this made her loose money and time. Adding the loan she got from KEDV to her own savings, she bought a kiln for her workshop. Now she can work more efficiently and reach to more clients.
The funding provided through TPF will enable KEDV to reach to another 50 young women and support their micro businesses with micro finance. KEDV gives a 3-day training to women who apply to a loan to make sure that they are financially literate enough to borrow wisely. Field staff of FSWW visits each applicant, learns and evaluates in detail the businesses applicants plan to start or grow, and submits the loan applications only when they make sure that the applicant is ready to borrow. The loan amounts start small and grow incrementally so that women are not put under debts they cannot pay as micro credit is most of the time the first credit experience of these women. The repayments are collected weekly and at neighborhood meetings that also provide for a solidarity mechanism for the women.