Helping the People of Masese, Uganda
Microfinance Project Update
Dr. Peter Garrity of the Division of Business recently returned from a village in Uganda with an update on the sustainable research model he started a year ago with senior Business major Chris Martin.
"I am very pleased to report that the Molloy-Masese Microfinance Model that we piloted last January in the small refugee village of Masese has yielded very positive results. After receiving funding from the Molloy Alumni Association, we sponsored six loans from twelve finalized submissions. These loans supported small businesses including charcoal, produce, poultry and silverfish vendors, a beauty salon, and a tailoring operation," says Dr. Garrity.
All loans were made to women and varied in amounts ranging from the equivalent of $55 to $80. These small efforts will grow and are already benefitting their struggling economy.
"We applaud their entrepreneurial spirit. These women repay an agreed part of their loan each week. Thus our informal economic model is proving to be successful and sustainable. Chris and I are very proud that our research has generated such success and look forward to funding another set of projects this fall," says Dr. Garrity.